Cameroon Separatist State Ambazonia Sells Ambacoin To Replace CFA Franc

By Tabassum
Published January 2, 2019 Updated January 2, 2019
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Cameroon Separatist State Ambazonia Sells Ambacoin To Replace CFA Franc

By Tabassum
Published January 2, 2019 Updated January 2, 2019

Ambazonia is a self-declared state consisting of the Anglophone portions of Cameroon. These Cameroon separatists have previously launched their own cryptocurrency called the AmbaCoin. And a very recent report from a local African media indicates that they are selling AmbaCoin as the replacement to the CFA Franc (a name of two currencies guaranteed by the French treasury which is being used in parts across West and Central African countries).

AmbaCoin to Dissociate Ambazonian from CFA

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Here goes the official statement by Frank Enoanyi Abange who has appeared as a director of the Ambacoin project and resides in the US state of Ohio. He says Ambazonia to be independent; we can’t pursue a French colonial currency. Frank explains that;

“The idea of AmbaCoin was to get away from the CFA – we don’t see the CFA franc as a legitimate currency for Ambazonia,”

Earlier, Coingape has reported the official token sale of Ambacoin crypto was slated for December 24, 2018. The token further set to sale in return of 25 US cents. However, the token appeared to have gone through pre-sale and then 30,000 tokens were issued on the first day of 2019.

Funding Humanitarian Aid Through AmbaCoin

The AmbaCoin aims to provide humanitarian relief to those affected by the conflict in the Anglophone regions by raising up to 250 million US dollars. The idea behind developing own currency is to dissociate Ambazonian from the Central African Franc (CFA) and to kick-start the ‘Amazonian’ economy.

AmbaCoin is a decentralised public blockchain and cryptocurrency for the New Nation Ambazonia. The AMBA ICO is a Government Bond Smart Contract backed by the Rich Natural Resources in the territory, and a Buy-Back policy by the Post Independent Ambazonian Treasury that is supported by all political parties of Ambazonia.

Interested enthusiasts in AmbaCoin can simply visit the dashboard on its official website and are free to use crypto or fiat to buy AmbaCoin. Once the user completes a transaction, it will be turned into an Ethereum digital wallet, as the currency is built on Ethereum ERC-20 token. Moreover, the transactions will be completed via ‘Ethereum’s smart contract’.

AmbaCoin-bond

Besides the Federal Republic of Ambazonia, there are various countries keenly focusing on their own digital currency. Likewise, Venezuela was often on bulletins with the hype of its own ‘Petro’ token, Iran is stepping ahead to create national cryptocurrency backed by Rial and other nations including Tunisia, Senegal, and many others are in a row.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Tabassum
562 Articles
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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