A separatist movement based in the African nation of Cameroon has recently finished an ICO for its new cryptocurrency. AMBACoin will be used to raise funds for the promotion of the group’s independent Republic of Ambazonia.
Rebels in the southern part of Cameroon declared their region the Republic of Ambazonia back in 1999, and are seeking independence from the nation of Cameroon, although the UN has not recognized it. They are mostly English-speaking people, in the former British-held territory of a predominantly French country.
An ICO has been launched for AMBACoin, and sales are due to end around December 2019. The crypto is an ERC-20 token, and it will be backed by Ambazonia’s natural resources, such as crude oil, gold, diamond, and wood. The separatists promise to buy back all AMBACoin sold, with 34 percent interest, if they are able to establish political sovereignty.
According to a statement on the group’s website, “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.”
This is possibly the first time that a crypto has been used to attempt to establish an entirely new state, although digital tokens are increasingly seen in the developing world as a way to liberate people from established authorities or the problems they may have caused. Venezuela has seen an increase in crypto adoption in the wake of the failure of its own national currency, and the Marshall Islands is seeking to establish a national crypto to be more financially independent as a nation.
Read more: Marshall Islands pushes ahead with national cryptocurrency project; Time magazine cites Bitcoin’s “liberating potential”