Business
Cameroon’s Separatist Group Launches New Cryptocurrency AmbaCoin
AmbaCoin has been launched as replacement for CFA Franc
Cameroon’s separatist group fighting for the independence of the state of Ambazonia is reportedly selling its own cryptocurrency called the AmbaCoin as the replacement to the CFA Franc. Ambazonia is a self-declared state that consists of the Anglophone portions of Cameroon.
Frank Enoanyi Abange, the director of the AmbaCoin project, said they have launched AmbaCoin as the people of Ambazonia don’t take the CFA Franc as a legitimate currency. He added that creating their own Ambazonian currency will enable the separatists to move away from using the Swiss Cameroon official national currency- CFA Franc, reported AllAfrica.com.
‘“The idea of AmbaCoin was to get away from the CFA – we don’t see the CFA franc as a legitimate currency for Ambazonia,” Abange said adding, “If we want to be independent, we can’t pursue a French colonial currency.”
The AmbaCoin aims to provide humanitarian relief to those affected by the conflict in the Anglophone regions by raising up to 250 million US dollars. It was put on sale starting 28 December with one AmbaCoin token equivalent to 25 US cents. Over 30,000 AmbaCoins have been issued since it went on sale.
People of Ambazonia can purchase AmbaCoins through a dashboard on a website developed to aid with the sales of the token. Users can use Bitcoin, Litecoin, Dash or other cryptocurrencies well as traditional currencies, including euros, dollars, CFA francs, rand or rubles to make transactions.
The AmbaCoins then reside in an Ethereum digital wallet as the currency is built on Ethereum ERC-20 token. A transaction gets completed via ‘Ethereum’s smart contract’. The token is being touted to be compatible with several existing cryptocurrency digital wallets. Notably, AmbaCoins can also be traded to provide a return for investors, according to the project.
Chris Anu, a spokesperson for the Federal Republic of Ambazonia, said that the government does not endorse AmbaCoin as it is an initiative of only a few individuals.
