Cameroon has been working towards creating its own digital currency since 2018, and now there are significant advancements in this pursuit. developments are now at hand .
This new cryptocurrency is part of the larger effort for financial autonomy within the separatist movement, where leaders are eager to loosen ties from a Francophone-controlled government.
The currency is known as AmbaCoin , named after the region's preferred identity, the Federal Republic of Ambazonia, about 20,000 units of the currency are already in circulation. sold and purchased since The initiative's pre-sale of approximately 100 million coins kicked off in November 2018. Though modest, it's a hopeful stride for a community long deprived of financial inclusivity.
A New Kind of Coin
The initial coin offering (ICO) has been underway since Christmas Eve, leaving ample opportunity to distribute the remaining tokens. The developers allege it's secured by the country's abundant natural resources, although details are sparse. Each AmbaCoin is currently valued around 25 cents USD and is labeled a 'nation-backed' asset. Built using the Ethereum blockchain, it qualifies as an ERC-20 token.
Those behind the currency, be they engineers or academics, have chosen to remain anonymous. Nonetheless, the coin has caught the attention of several key figures in the secessionist camp. Chris Anu, the communication and IT secretary for Ambazonia, showcased the currency on social media, expressing optimism with, 'We're getting there, folks.'
Making Things “Stable”
Once independence is fully realized, plans are in place to launch an official fiat currency, aligning it with AmbaCoin to stabilize the digital asset against the mercurial nature of cryptocurrencies like Bitcoin and Ethereum. The goal is to sever ties with the Central African franc (CFA), which is currently Cameroon's official currency.
However, a major obstacle remains: the Francophone government still holds sway over financial resources, restricting separatist access. According to the new coin's developers:
'Many Ambazonians abroad and other backers itching for a thriving Ambazonia face barriers in contributing foreign direct investment to its leadership.'
Countries Following Suit
Countries worldwide are seeking freedom from the financial grips of foreign powers. A case in point is Iran, which has explored the concept of a state-endorsed cryptocurrency to ease sanctions imposed by the U.S. and its allies. long been in the process Intriguingly, Iran's relationship with digital currencies has been a tumultuous one, yet its latest ambition to carve out a space in crypto is a step towards minimizing reliance on Bitcoin and Ethereum.
in early 2018. Reportedly anchored by the country's vast oil reserves, it aims to rejuvenate an economy battered by hyperinflation of Venezuela’s bolivar.
Too Many Ups and Downs
In addition, Venezuela released the petro coin The petro has faced significant skepticism since its ICO launch. Controversy surrounds the transparency of funds and the absence of oil reserves in official statements, with the U.S. President, Donald J. Trump, even banning the petro trade to shield Americans from dubious dealings.
Nick Marinoff, a voice in cryptocurrency journalism since 2014, has shaped content as a lead writer and news editor for Money & Tech, penned PR for Game Credits, and contributed significantly to Bitcoinist and News BTC.
