Angola Implements Strict Regulations on Cryptocurrency Mining
Angola enacted a new rule on April 10, the “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining,” significantly impacting crypto enthusiasts.
Under this rule, engaging in cryptocurrency mining using your computer is now legally punishable, with penalties ranging from one year to a staggering twelve in prison.
The law is particularly tough on tech enthusiasts. Possession of any equipment for crypto mining could lead to up to five years behind bars, and the confiscation of your devices. Connecting this equipment to the national power grid could result in up to twelve years of jail time. If you attempt to be covert by obtaining a power facility license, you could face three to eight years in prison.
Angola’s government emphasized that crypto mining consumes a significant amount of electricity, which could destabilize the entire national power grid. The excessive energy consumption and carbon emissions are detrimental to industrial power supplies, public interest, and social and economic development. Therefore, crypto mining is not permitted to conserve energy and protect the environment.
READ MORE: Blackrock Bitcoin ETF Poised to Surpass Grayscale
In China, cryptocurrency transactions have been technically banned, considering digital assets inferior to real cash in legal terms. Angola is also taking a firm stance, having arrested several Chinese citizens since last year for illegal mining and unauthorized power consumption.
The Chinese Embassy in Angola is ensuring that its citizens and businesses adhere to the law. They are advising them to abide by the regulations, use electricity legitimately, and refrain from engaging in any crypto transactions. The embassy is concerned about the instability of cryptocurrencies, their lack of intrinsic value, susceptibility to manipulation, and the potential for scams disguised as investment opportunities.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
