A Cameroon separatist movement has taken the unexpected steps to raise funds through an ICO in order to promote its political causes.
Ambazonia, also known as Amba Land, is a self-declared state consisting of the Anglophone portions of Cameroon which previously comprised Southern Cameroons. In 2017, the Southern Cameroons Ambazonia Consortium United Front (SCACUF) unilaterally declared Ambazonia to be independent, while the Cameroonian government stated that the declaration has no legal weight. The ensuing protests and violence are referred to as the Anglophone Crisis.
Ambazonia’s latest step has been to launch AMBACoin which closed its pre-sale on the 27th December falling short of its 100 million token sale target. The project was organized by a rebel group fighting for Ambazonia’s recognition from the Cameroon Government stating:
“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.”
The group had claimed that once they get to power, they would, as the official government of the region “buy back all AmbaCoin in circulation at the price purchased plus 34% interest.”
The unresolved conflict has resulted in more than 500 civilian deaths and almost 500,000 people had to flee their homes. Although the situation regarding Ambazonia is ongoing, the unofficial breakaway state does have a president and a national anthem. It has now added its own national cryptocurrency to these attributes.
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