Deep in the heart of southern Cameroon, a separatist movement is seeking to take control of the region and gain independence from its Francophone government. In preparation to declare its independence, the Federal Republic of Ambazonia has cooked up its own cryptocurrency to be used until a national fiat can be put in place. For now, the AmbaCoin’s white paper remains rather sketchy – page four is simply a picture of the nation’s flag – but it appears set to become a stablecoin once the new nation’s fiat currency is in circulation.
A Carbon Copy of the Petro?
From the sounds of things and how the white paper reads, we could be in for a carbon copy of the Petro currently in use in Venezuela. AmbaCoin states that initially it will be tied to the value of “rich natural resources”. It could be talking about its huge oil fields, but the whitepaper doesn’t divulge any more information. It’s highly likely that for the time being, AmbaCoin won’t be tied to the value of anything, but will eventually become a stablecoin.
Finances Controlled by Francophone Government
One of the biggest issues that the separatist movement is currently facing is the fact that most of the financial resources are controlled by a francophone government that vehemently oppose the breakaway nation. This means it’s underfunded and doesn’t have much of a working budget. To this extent, AmbaCoin has been launched as an ICO to raise funds and get the breakaway state up and running. It’s reeks of a cunning and brilliant plan, but too much hinges on the success of this cryptocurrency.
Marshall Islands Following Suit
A similar situation is unfolding in the Marshall Islands; however, this movement has the full backing of the president and the people. The Marshall Islands is looking to create its own national cryptocurrency to replace the US Dollar which it currently uses. Hilda Heine – president of the Marshall islands – faced a vote of no confidence for defying the International Monetary Fund (IMF) and US Government, but managed to fight it off and remains in power to this day. Heine is pushing ahead with her plans, and Ambazonia could learn a thing or two from this great leader.
It’s great to see crypto at the heart of so many separatist movements looking for independence, but eventually a time will come when these projects just collapse. If the crypto is mineable, opponents could summon enough mining power to attack the network and devalue the currency. The path if fraught with danger and difficulties, hopefully Ambazonia can achieve its freedom that it so desperately desires with the help of crypto.