Category Archives: Cameroon

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Ghana Mulls Positive Crypto Legislation

Ghana Mulls Positive Crypto Legislation

There are indications in some cryptocurrency circles in Ghana that its Securities and Exchange Commission (SEC) may be prepared to release its stranglehold on the space, which currently doesn’t allow trading.

This would represent a major turnaround though, given that currently all businesses are banned from conducting cryptocurrency transactions in the African nation. This despite Paxful, the world’s leading cryptocurrency-marketplace, claiming that business is currently booming.

A Paxful report just last month indicated that both Nigeria and Ghana are propping up African transactions which are currently generating USD 64.3 million per month, putting the two countries alongside the world’s top 10 markets, such as the US and the UK.

The hope is that the SEC lifts the ban and creates an environment where legitimate companies are able to thrive without going underground. However, the regulators’ deputy director general Paul Abadio argues against the SEC’s case but hints at change:

“When you choose to go there, you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

A fact that the SEC is still formulating a view has given rise to local crypto analysts beginning to think a positive change for the industry in Ghana could be on the way. 2018 was very much a headache year for the Ghanaian SEC who claimed that many crypto-related businesses chose to “play around” with clients money having no intention of registering their services.

With many investigations still underway into companies who may have infringed Ghana’s financial regulations, it seems very much a “wish and hope” situation at present. However, other countries on the African continent are coming at cryptocurrency from a complete direction, such as Cameroon’s independent movement boosted by an ICO and its own cryptocurrency, the AmbaCoin.


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Cameroon Separatists Raise Funds Through ICO

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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