Report coming from Africa has it that a Separatist group in Cameron fighting for the independence of the self-declared state of Ambazonia has recently launched a “state-backed” cryptocurrency called the AmbaCoin.
The AmbaCoin Project
According to the group, the function of the coin is to help “provide humanitarian relief to those affected by the conflict in the Anglophone regions with the hope of raising up to 250 million US dollars.”
The creation of the coin is also expected to help provide support for the state and serve as a permanent replacement for the Swiss Cameroon official national currency, — CFA Franc. The creation of the token will greatly aid the agenda of the company for ultimate freedom.
According to a member of the AmbaCoin project — Frank, the launching of the coin is geared towards helping with humanitarian side of things. Frank who still remains unknown has also made it clear that the funds raised will be used to support humanitarian efforts.
The project has also developed a website to aid with the sales of the token. Through the website, an interested buyer can easily purchase some AmbaCoins directly from their dashboards.
Full details about purchasing the coin were described in the projects’ whitepaper. Excerpt from the whitepaper reads:
“A Supporters of Ambazonia can purchase AmbaCoins through a dashboard on the website. Users can use other cryptocurrencies such as Bitcoin, Litecoin or Dash to make transactions as well as traditional currencies, including euros, dollars, CFA francs, rand or rubles. The AmbaCoin then reside in an Ethereum digital wallet”
Digitized Form of a Treasury Bill
The white paper also made it known that the coin will be making use of the “proof-of-stake” for governance. As a result of this, the need for mining is eliminated. The whitepaper also made it known that the coin will also act as a “digitised form of a treasury bill”. This bills will then be purchased by the Ambazonian nation eventually.