Chinese Embassy, Angola’s “Cryptocurrency He reminded that the “Law on the Prohibition of Mining of Virtual Assets and Other Virtual Assets” has officially entered into force. This law declares cryptocurrency mining in the African country a criminal activity punishable by imprisonment ranging from 1 to 12 years.
Angola, Africa’s third largest oil producer and once China’s largest supplier of crude oil Bitcoin It was flooded with Chinese miners for mining. However, the new law imposes strict penalties for those who engage in such activities.
The law stipulates that possession of information, communications and infrastructure equipment used for virtual currency “mining” activities will result in a prison sentence of one to five years and the confiscation of the relevant equipment. Mining cryptocurrency independently or through others, or connecting such mining equipment to the national power system, will lead to a prison sentence of 3 to 12 years. Those who misuse energy facility licenses for these activities will be sentenced to 3 to 8 years in prison.
China has already banned virtual currency transactions, stating that “cryptocurrencies do not have the same legal status as legal tender” and that “engaging in cryptocurrency-related businesses is illegal financial behavior,” according to a published statement.
The Angolan government followed this pressure. Since last year, several Chinese citizens in Angola have faced legal consequences for suspected virtual “mining” and illegal use of electricity.
*This is not investment advice.
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