Angola has formally outlawed all crypto mining activities, a move communicated by the Chinese Embassy in Angola to its nationals.
Earlier this year, the Angolan parliament passed legislation criminalizing cryptocurrency mining and related virtual assets to safeguard its national energy security. The ban, effective on April 10, prompted the Chinese embassy to warn its nationals against violating the law.
Angola Bans Crypto Mining
Over the years, Chinese Bitcoin miners have sought new operational bases due to China’s crypto ban. This quest has steered their attention towards African nations offering low-cost electricity, including Ethiopia and Angola.
However, with Angola now prohibiting such activities, offenders face severe penalties. According to the Chinese embassy, possessing cryptocurrency mining equipment could lead to up to five years of imprisonment and confiscation of the equipment. Meanwhile, those directly involved in mining could face up to 12 years in prison and individuals utilizing power facility licenses may confront up to 8 years of imprisonment.
Other factors, such as environmental considerations and government policies, also profoundly impact Bitcoin mining operations. Still, stakeholders believe the industry has a bright future, especially as its environmental, social, and governance (ESG) properties continue improving.
