A separatist government in Cameroon’s semi-autonomous English-speaking southern region of Ambazonia has announced the launch of a new sovereign cryptocurrency called AmbaCoin (AMBA). Operating on the ERC-20 standard, AmbaCoin is being touted as the official currency of the “Federal Republic of Ambazonia,” the currently unrecognised country that separatists are pushing to actualise.
The actual ICO is scheduled to begin on December 24, with 1 AMBA selling for $0.25. The AMBA has thus become the second cryptocurrency experiment after Venezuela’s Petro to be born out of the need to raise funding and revitalise a struggling economy by a government, albeit an unrecognised one.
AmbaCoin shares a number of key similarities with its Venezuelan cousin in addition to the socioeconomic upheaval that led to its creation.there is a genuine street-level demand in the region for money that is not controlled by Cameroon’s Francophone central government.