The first nation-backed cryptocurrency, according to reports.
Separatist officials in Cameroon’s southern region of Ambazonia has launched a new sovereign cryptocurrency. According to reports, it’s now the official currency of the “Federal Republic of Ambazonia.”
As reported by Quartz Africa (via CCN), the English-speaking region claims the token is allegedly the first cryptocurrency to be backed by the nation. According to the report, the support comes from the “rich natural resources” held by the independent English-speaking region.
Though the AmbaCoin was a collaborative project between separatist scholars, technocrats and developers, says the report, the currency has already gained the interest of other separatist movements.
20,082 of the 100,000,000 Amba tokens released during its presale in November have already been purchased, with the currency’s main ICO scheduled to go live on December 24. Right now, tokens sell for 25 cents each.
A white paper was also published on the AmbaCoin website, which gives a more detailed account of the aims, benefits and functions of the new currency. Firstly, the currency will ideally act as a “digital lending avenue” that can be used by the nation to help fund humanitarian and fledgling projects.
Second, it aims to help build the nation of Ambazonia as a state fully independent of the Cameroonian government. The platform has already been presented to the United Nations, to reportedly “positive results.”
Though initial investments will be open to “investors from around the world,” the AmbaCoin is primarily seeking support from diasporic Africans to support Ambazonia. The statement says the AmbaCoin will initially roll out at a fraction of its actual value, giving supporters the chance to make “rapid profits.”
Early investors will also reportedly be offered discounts and bonuses, which the statement claims will allow them to earn a certain sum of money when the coin is officially released.