Cameroon Separatists Govt Launches Cryptocurrency Called AmbaCoin
A separatist government in Cameroon’s southern region of Ambazonia announced the launch of a new cryptocurrency called AmbaCoin (AMBA). Ambacoin which is Operating on the ERC-20 standard, is being promoted aggressively as the official currency of the “Federal Republic of Ambazonia,” which is the country the separatists are fighting for.
According to QZ Africa, more than 20,000 AMBA tokens have been bought out of a total supply of 100,000,000 available in the pre-ICO sale. The actual ICO is scheduled to begin on December 24, with 1 AMBA selling for $0.25.
AMBACOIN has some similarities with Venezuelan PETRO . Just like the Petro, AmbaCoin claims to be an asset-backed cryptocurrency, with the assets in question being Ambazonia’s “natural resources and future treasury earnings.”
Also like the Petro, it also comes with the promise of a new national fiat currency pegged to AmbaCoin and its promoters are more focused on investment promises.
An excerpt from the AmbaCoin whitepaper reads:
“[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.”