Cryptocurrency – The Path to Economic Freedom – Cameroon Case Study



welcome everyone to what's happening in crypto exploring all of the latest from the crypto world and Beyond can regional or City based crypto currencies help underserved economic regions or regions which are unrepresented by central authorities or even breakaway regions find their path to freedom recently in Canada we saw Calgary announcing that they'll be launching a digital currency for the town to help keep money within the city and help it from being extracted out of the city by big corporations which might have their headquarters in Toronto or overseas for example this is a continuation in a long story of cities in small regions all around the world which are launching their own digital currencies or have launched their own paper currencies to try and help incentivize the local economy and stimulate transactions and business and markets and all these different things because so often we see that big corporations come in the big shops come in and all the wealth is extracted out of the town and not much of it actually stays in these smaller places now the Calgary example is quite interesting but what I found really interesting is this from Cameroon now there is an english-speaking part of Cameroon most of Cameroon though is a french-speaking region and the english-speaking region has created their own cryptocurrency now this is part of trying to reinforce their independence from the french-speaking part of the country they complain of things like not having enough investment in their region from the central authorities and not having enough representation and so on so forth what is being called Ambo coin has been created by a group of scholars technocrats and developers but has actually received backing from the entire region called Amba's onea or amble and now they want to break away from the central african franc and have their own Amba coin as the currency of Amba's yeah now this is a small region in Africa but I think that it is so interesting in terms of breaking free of powers that don't represent you because what do they have right now it's hard to get direct investment into that region for example because they are tied to the central banking system of the rest of the country which doesn't help them and all these things so it's harder to get foreign direct investment coming into the region for example but if they had a cryptocurrency based economy it'd be much easier for money to come in and out of Amazonia and it'll be easy for merchants to accept and it would stimulate this region overall now the fact that we have Amazonia in the first place is a relic of colonialism basically when the colonial powers were cutting up Africa they said to Amazonia would you like to be part of Nigeria or do like to be part of Cameroon they didn't have the option would you like to be your own country so they were stuck with Cameroon which they didn't really want to be stuck with in the end and so now they are going to potentially be a breakaway region at some point in future and if they can carve out their own financial destiny using their own cryptocurrency this could be a big catalyst in actually being able to break away from the central government imagine if they're not paying any taxes anymore if they're not using that currency anymore and yes obviously this takes everyone to have a mobile phone and to have the infrastructure up and running all the time and the internet and all these things and there's a lot of challenges and actually making this happen in a way that will actually let Amazonia claim their independence completely but it's really interesting to see this uptick in regional and city based currencies we might even see something like this happening in other breakaway regions around the world we've definitely seen an underserved economic regions may be for example Catalonia could be served by a Catalonia coin or cat coin if you will meow now look as we see this whole nation-state thing continue it's really just we are crazy monkeys why did we decide we all have to fence each other off from one another and and then stop the flow of money from one country to another the flow of people from one country to another and all these things the future is going to be a collaborative future not an exclusionary future and the fact that Amazonia wants to exclude itself the rest of Cameroon well I guess good independence freedom Liberty all that stuff they should choose their own destiny destiny I'm all about that I really am but at some point in the future we might not even have borders that's probably a really really long time away so perhaps it's not gonna help the Amazonians at any point in the near future but there has been a lot of interesting things happening in terms of crypto adoption in Africa we've seen what Akon is doing with a coin for example that would really interesting when that gets up and running Bank or over in Kenya they have actually been doing very very similar things to what Amazonia wants to do they've been helping small villages and smaller cities launch their own digital currencies so that the money stays in that town that it doesn't go away and that's important to have that medium of exchange because so if you have papayas and your friend has bananas well maybe you don't want pnai bananas and maybe they don't want papayas and and that's a tricky situation but if you have this medium of exchange you can go sell your pies and buy something else that you need right that's the idea behind having money but if nobody has any money in the first place so it becomes really hard to make these exchanges happen and then of course we have bit paisa they have been breaking down barriers across the continent of Africa they're actually spending outside of Africa right now but they're using Bitcoin as their intermediary step here so you can get Fiat let's say you're in Cameroon you want some money to Nigeria well you can get your local Fiat send money over to Nigeria and a Nigeria that receives their local Fiat as well but the Bitcoin will be the bridge to help make this a very frictionless and quick process and what is otherwise a very tricky situation of sending money around a continent that has so many different countries so many different regions so many different tribal groups so many different breakaway republics and all these different things it makes Bank on the continent incredibly hard for most of the countries crypto currencies can be an absolute revolution in terms of what can be delivered for Africa now a central currency like Amba coin it's interesting I like the idea of regional coins we got to keep it real that still is a centralized currency that will be issued out by a group within the government there so there's that not a big fan of I guess centrally issued currencies like that but hey they could just use Bitcoin but I guess they're not going to anyway you'll let me know what you think about whether or not it is a good idea for regions to be launching their own cryptocurrencies or to think they shouldn't be using Bitcoin and what do you think about Amazonia should they break away will this help empower those people to their right to self-determination and freedom and liberty let me know about down below in the comments section thank you so much for taking the time out of your day to watch this video you are super awesome if you enjoyed this video you can leave a thumbs up on it if you're new around here subscribe to the channel if you want to know when I put out a new video hit the notification bell down below long live the blockchain and peace out the next time

24 thoughts on “Cryptocurrency – The Path to Economic Freedom – Cameroon Case Study”

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  2. Central bank issued cryptocurrencies have no real inherent value… The reason why bitcoin and other cryptocurrencies are so valued and sought after in the first place is because of their decentralized nature… Otherwise, it is simply just a digital currency. The dollar is 90% digital already.

  3. It's should be about local community taking control of there communities back! Thanks again! God bless you!

  4. Wholly Crap,…..just realized this (lightbulb on).   The entire globe might be moving back to 'nationalism'…..in some sort of odd NATIONALISM/GLOBALISM MONSTER MIX.    Hard to nail down exactly, but look at all of the unrest in Europe (France, Britain, etc) where everyone is looking to leave the Euro.    Oh crap…….this is gonna be really weird and chaotic.   A Bitcoin monetary bridge to everywhere.

  5. Wow, Larky, I'm TRULY impressed by your researching skills! 🙂

    I'm Cameroonian myself, and I have to say that the country is definitely undergoing crazy times; after over 40years of (fake) stability. "Ambazonia" is not recognised at all and VERY controversial among most Western Cameroonians and the NW and SW inhabitants themselves. A lot of the Anglo-cameroonians have been displaced, so you can wonder what sort of political/democratic legitimacy this local "government" has.

    As you said, they are trying to leverage cryptocurrencies to bypass their economic isolation and the Euro domination through the Francs CFA. It sounds like a good step, because the region has great fields, lands and natural resources (Oil, Wood, Diamonds): they could eventually use these riches to back their coin and find international trade partners.

    However, I doubt this will happen peacefully and without immense struggles. Cameroon relies HEAVILY on these two regions' for its GDP and trades. The Cameroonian government recently signed a contract with China allowing them to mine diamond and exploit oil for the next 50 years or so; so they can't let the whole region go off. Bargaining and negotiations are going to take place soon to appease the separatists, and that will test how strong their resolve ultimately is. 🙂

  6. We don't need local coins, even they're blockchain-based. What we need ist something like BTC. One currency for one world. But that's just my opinion.

  7. I see no updates on lbry.io, please, upload your videos there, I'm leaving youtube surveillance and non stop ads

  8. I was 19 years in 1979 and started a labor exchange system for my community. We created a simple point system and allowed everybody to exchange skills for LETS points (Labor Exchange Trading System). It did create wealth in our community because it allowed people with micro skills to monetize their time beyond what the macro economy was doing. A typical salaried job then was 40 hours per week. Many people have skills in various areas but can't create a 40 hour commitment from it nor can they collage multi abilities into the same 40 hour week.
    LETS created an immediate increase in money velocity, activity and prosperity

    The limits of this idea was the small population restricted the services on offer. And geographical reach was limited. It was then I thought this thing needs to go global for it to work to it's fullest potential but the world did not have the internet and mail and analog phone was not up to the demand.

    40 years later the solution arrives. Finally every region and city can construct this labor exchange system through tokens and smart contracts. The same micro skills mobilization that I saw 40 years ago is now free to emerge any where in the world and unrestrained in that world. The structures and rules will be known by evident best practice and extinction of failed experiments. But true global coordination demands every city/region token be easily convertible to Bitcoin. Bitcoin will be the internationally agreed upon standard of value by then.

  9. My skeptical 2 cents. Wouldnt this be a factor to create more regional divide between the people within a country thereby making it more pausible to target businesses that use region specific cryptocurrency? Considering the govt can impose any laws since they are still a part of the country? What if the govt makes it illegal to use this crypto and calls it treasonous?

  10. It always depends if your local currency is more or less stable than bitcoin. Some African currencies are actually less stable than Btc, so they benefit from tying their currency to bitcoin

  11. If this comment gets 100 likes

    It means we all love Crypto Lark! 😊💙💚💛💜❤

  12. Then you have telcoin who will help the unbankable in Africa by using Telecom companies as banks. They have also signed up with Jumia the African version of Amazon. They are also about remittances and have the green light in the Philippines.

  13. Ambazonia eh? How big is the premine on the currency? How centralized is it? It wouldn't surprise me if it was as bad as xrp. I wish them luck.
    It could at least give people something that gets them closer to bitcoin. No doubt some version of shapeshift will become available so they can shift their fed coin into bitcoin.

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