Cameroon Separatists Launch AmbaCoin

Another Crypto Currency For The Unbanked?

What is AmbaCoin?  AmbaCoin (AMBA) is a new sovereign cryptocurrency which has been launched by a separatist government in Cameroon’s semi-autonomous English-speaking southern region of Ambazonia.  More than 20,000 AMBA tokens have been bought out of a total supply of 100,000,000 available in the pre-ICO sale.  1 AMBA is worth $0.25 and the AmbaCoin is being considered as the official currency of the “Federal Republic of Ambazonia”.  Therefore the AMBA has become the second cryptocurrency experiment.  The first one was the Petro of Venezuela and this was born out of the need to raise funding and revitalise a struggling economy by a government which was as yet unrecognised.

AmbaCoin is very similar to the Petro of Venezuela as well as the fact that it caused a socioeconomic upheaval in its creation.   AmbaCoin is also an asset-backed cryptocurrency, just like the Petro.  Just like the Petro it is currently unclear how the natural resources and projected earnings that give it value will be quantified and calculated.  It is also unclear how the resources will be harnessed because the Cameroonian military still maintains control of Southern Cameroon.

A Coin Similar To The Petro

The AmbaCoin, just like the Petro, comes with a new national fiat currency and makes promises whose fulfilment are unclear. An excerpt from the AmbaCoin whitepaper reads:

“[AmbaCoin] investors will be able to recoup their investment in the same way as investors can benefit from the acquisition of treasury bonds and bills. As large numbers of people in the Ambazonian diaspora seek to invest in the country, they will be able to recoup their investment with handsome interest far beyond that available from treasury bonds and bills. At the same time, investors will have the unique and privileged opportunity to help put a nation back on track after the decades of misfortune as a marginalised people within Cameroon.”

Since there is a genuine street-level demand in the region for money that is not controlled by Cameroon’s Francophone central government, the project cannot be dismissed mainly because there it has a large investor base of as many as 2 million people.   There are however criticisms of AmbaCoin economically and technically.  Chris Anu, the separatist government’s Secretary of State for Communications and IT, has shared the information on Facebook that paper bond notes representing AmbaCoin tokens are also being prepared ahead of the proposed launch.


OK Group invests in prospective bank on the Blockchain Island of Malta

In Beijing, China on the 17th December, 2018 OK Blockchain Capital Limited became anchor investor in RnF Finance Limited.  OK Blockchain Capital Limited, OK Group’s investment arm, announced that it is the anchor investor in RnF Finance Limited.  RnF Finance Limited is a Maltese based company applying for authorisation with the Malta Financial Services Authority (MFSA) to act as a credit institution.

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A new bank for blockchain clients

Roderick Psaila, The CEO and founder of RnF, has started a number of banks in Malta over the past ten years and has also been banking for 28 years.  Mr. Psaila, said that RnF Finance  was committed to providing a premium banking service to established corporations and private clients by leveraging cutting edge technology.  He was also the CEO of AgriBank until recently.  AgriBank is a Malta licensed credit institution.  Mr. Psaila said that RnF was delighted to have OK Group which is a world leader in Blockchain technology, as its trusted partner.

Founding Partner of OK Blockchain Capital Limited,  Ms. Tian Ying, remarked, “We are delighted to partner with Roderick and his team of bankers in this exciting project in Malta, and are excited to be involved in this new banking venture on Blockchain Island.”

OK Group invests in bank on the Blockchain

Chief Risk Officer & Head of Government Relations of OK Group, Mr. Tim Byun, remarked, “Malta has been a first mover to comprehensively regulate the blockchain industry, and we are excited to be involved in this new banking venture with RnF Finance Limited. Malta’s sound regulatory framework and support for new industries will cultivate many more opportunities on Blockchain Island.”

RnF is all set to start banking operations by mid next year, subject to regulatory approval. RNF Technologies is one of the top Los Angeles based mobile app and web development company with additional offices in Houston and India.  The group was started in November 2009.  Their goal from the beginning was to design, develop, ideate and to deliver solutions that are specific to the needs of the clients.

They believe in themselves, their product and their company and services and this has enabled them to continue growing over the years.  Their work is a true reflection of what they do and how they strive to help their clients succeed.  They are also an ISO 9001:2008 certified company that focuses on exceeding expectations by delivering innovative solutions to clients across the globe.