Angola has taken a decisive step in regulating cryptocurrency mining within its borders. The country recently banned all cryptocurrency mining activities, citing the need to safeguard its national energy security. This move comes after the Angolan government passed legislation earlier this year, effectively criminalizing crypto mining and related virtual assets.
Angola’s Crypto Mining Ban:
On April 10, Angola implemented legislation that prohibits and criminalizes cryptocurrency mining.
The primary objective of this ban is to protect the country’s energy supplies.
Violators of this law could face severe penalties, including imprisonment and equipment confiscation.
Chinese Embassy’s Warning:
Angola is home to a significant number of Chinese nationals.
The Chinese Embassy in Angola has issued a stern warning to its citizens residing in the African nation.
The warning emphasizes that crypto mining is now considered a criminal offense.
Possession of equipment used for virtual currency mining could lead to 1 to 5 years in prison, along with equipment confiscation.
Connecting mining equipment to Angola’s national power system could result in 3 to 12 years of imprisonment.
Chinese Crypto Miners’ Shift:
Following China’s comprehensive crypto ban in 2021, many Chinese crypto miners sought alternative bases for their mining operations.
African nations like Angola and Ethiopia, known for their low-cost electricity, became attractive destinations for these miners.
However, even in Angola, the legal landscape has now changed, and miners must exercise caution.
In summary, Angola’s ban on crypto mining and the Chinese Embassy’s warning signal a concerted effort to regulate crypto-related activities in the region.
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