Cameroonian separatists have created their own cryptocurrency for the self-proclaimed nation of Ambazonia. According to the website of Ambazonia, the cryptocurrency will be backed by the rich natural resources in the territory and a buy-back policy by the Post Independent Ambazonian Treasury.
The website states that “AmbaCoin is a promissory contract between the International Community and the post independent Ambazonian Government. All sales of the AmbaCoin will be directed to fund the Ambazonian Cause, to assist refugees & internally displaced persons, to rebuild homes destroyed by occupying military forces, and to defend communities from the repressive regime of La Republique Du Cameroun.”
A deeper look into the roots of Ambazonia and Cameroon shows a story that dates back to the colonial era, where according to the whitepaper of Ambazonia, coloniztion of Ambaland by France and Britain led to differences in education, political, and language systems between. During the independence process for the colonized territories, a referendum led to the mergin of Ambas Bay and Cameroon instead of a seperation.
After half a century of relative stability, Cameroon is sliding into significant instability as conflicts, largely unreported, take place. It may come as no surprise that one of the parties to such a conflict has chosen to use cryptocurrencies to overcome currency risks associated wit the instability as they hope for a separation of the English Speaking south minority from the rest of Cameroon. They are ardent that they have suffered under the rule of Cameroon leader Paul Biya, who they believe has made little efforts to foster inclusion or improve relationships between French Speaking communities of Cameroon with English speaking communities of Cameroon.
Ambazonia loyalists hope to utilize Ambacoin to replace the CFA Franc. The team state that 70% of the tokens are allocated for the ICO out of 1 billion AMBA to be supplied. The purpose of Ambacoin is to assist in nation building and funding of the new economy.