2024-04-21
The Chinese Embassy has issued a reminder about Angola's new law prohibiting cryptocurrency mining.
This law makes it a criminal offense to engage in cryptocurrency mining in the country and carries prison sentences ranging from 1 to 12 years.
Angola, known for being Africa's third-largest oil producer and previously China's main supplier of crude oil, has experienced an increase in Chinese miners mining Bitcoin.
However, the implementation of this law brings strict penalties for those involved in such activities.
According to the law, possession of equipment used for virtual currency mining will result in a prison sentence of one to five years and the confiscation of the equipment.
Engaging in independent or collaborative cryptocurrency mining, as well as connecting mining equipment to the national power system, can lead to prison sentences ranging from 3 to 12 years.
Additionally, individuals who misuse energy facility licenses for these activities may face prison sentences of 3 to 8 years.
China has already banned virtual currency transactions, emphasizing that cryptocurrencies do not hold the same legal status as traditional currency and engaging in cryptocurrency-related businesses is considered illegal financial behavior.
Following this pressure from China, the Angolan government has taken action.
Over the past year, numerous Chinese citizens in Angola have faced legal consequences for suspected virtual mining and unauthorized use of electricity.
