Since the cryptocurrency hype went to overdrive late last year, you may have thought you would have heard of every use for the cryptocurrency. Well, you’re not. AmbaCoin is going to be used to fund the freedom of a nation, the Republic of Ambazonia.
Ambazonia, or Amba Land, is a region in southern Cameroon that declared its independence from Cameroon in 2017. The government does not recognize Amba Land, therefore, the separatists are trying to enforce their independence by force through fighting and replacing the use of Cameroon’s official currency for the AmbaCoin.
Whats Ambacoin for?
The rebels are actually serious with the Ambacoin as they even have a Whitepaper, something which makes up the legitness of a cryptocurrency. The WhitePaper says that AmbaCoin will not only help their freedom and the creation of their own country, but it will also help to provide much humanitarian assistance in the northwestern and southwestern Cameroon.
The negative effects of cryptocurrencies
The case of AmbaCoin shows both the geopolitical and the economic effects of cryptocurrencies. Or better yet the geopolitical and economic effects of technology. If you have been following cryptocurrencies you know that they are are also infamous for funding illegal activities. The AmbaCoin is one major example of what cryptocurrencies can help fuel, which is a war in this case.
Before today, we knew that a foreign government or institution (like the CIA) would fund causes like Ambazonia but now with technology, particularly cryptocurrencies even individuals who just want to profiteer can finance such causes too. In other words, cryptocurrencies now make it possible to crowdsource funds even if whats being funded is illegal. Which is partly why many countries like Zimbabwe are not warming to the idea of cryptocurrencies.
A ‘Petro-coin copier’?
AmbaCoin shares some similarities together with its Venezuelan cousin (Petro coin), along with the socio-economic upheaval that led to its creation. Like Petro, AmbaCoin claims to be asset-backed cryptocurrency, with the belongings in the query being “pure sources and future revenue from the treasury”.
As with the case of Petro, AmbaCoin and its promoters connect explicit significance to the guarantees of funding and revolutionary rhetoric without essentially offering a transparent and rational framework that may assure the achievement of these guarantees.