Wednesday, June 19, 2019

Cameroon Separatists Introduce New Cryptocurrency- AmbaCoin (AMBA)

Cameroon’s Separatist government located in Ambazonia, the English-speaking southern part of the country, has unveiled a cryptocurrency of their own called AmbaCoin (AMBA). The AmbaCoin, which is based on ERC20, is said to be the preferred currency for the yet to be recognized “Federal Republic of Ambazonia” which separatists are trying to realize.

According to reports, the AMBA tokens have an available 100,000,000 total supply in the pre-ICO sale, out of which 20,000 AMBA tokens have already been bought. December 24 is the date for the actual ICO with the price of 1 AMBA placed at $0.25. The existence of AMBA will mark the second time a government is going to use cryptocurrency as a tool to reinvigorate its struggling economy, the first being the Petro for Venezuela, though this time around, it is for an unrecognized government.

Is the AMBA Idea Really Feasible?

The AmbaCoin and the Venezuelan Petro share a lot of similarities just like a socioeconomic problem led to the manifestation of the two coins. The AmbaCoin, like the Petro, is said to be an asset supported by “the natural resources and future treasury earnings” of Ambazonia.

Similar to the Petro, it remains unclear how the projected earnings, as well as the natural resources that provide value for the AmbaCoin, will be calculated and quantified. Also, the military control of the Cameroonian army over the southern part of the country makes it harder to picture the possibility of harnessing the said resources.

The AmbaCoin also promises to have a national fiat currency counterpart just like the Petro. The individuals promoting the cryptocurrency are yet to provide a detailed framework which will guarantee the fulfilment of their promises; instead, they have been focused on revolutionary rhetoric and investment promises.

Here is a statement from AmbaCoin’s whitepaper:

“[AmbaCoin] investors will be able to recoup their investment in the same way as investors can benefit from the acquisition of treasury bonds and bills. As large numbers of people in the Ambazonian diaspora seek to invest in the country, they will be able to recoup their investment with handsome interest far beyond that available from treasury bonds and bills. At the same time, investors will have the unique and privileged opportunity to help put a nation back on track after the decades of misfortune as a marginalised people within Cameroon.”

The AmbaCoin tokens are being represented on paper bond notes which are being prepared in readiness for the launch, as disclosed by Chris Anu, the Secretary of State for Communications and IT of the separatist government, on his Facebook page.

Though the AmbaCoin has received both technical and economic criticism, it won’t be easy to dismiss the project because its demand is high in the region due to the desire for a new currency that is free of the Francophone Cameroonian government’s control. Also, the 2 million Anglophone Cameroonians in the diaspora are potential project investors.

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