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China reminds “Now crypto mining in Angola is a crime”

China reminds “Now crypto mining in Angola is a crime” 4

The Chinese Embassy warned Chinese Bitcoin miners in Angola to stop mining activities because new laws are in effect & it is a punishable offence. 

Angola is a country in Southern Africa, on the west-central coast. It’s the second-biggest Portuguese-speaking country in size and population, and the seventh-largest in Africa. Angola is Africa’s third-largest oil producer and was once China’s largest crude oil supplier.

In Dec 2021, following the crypto blanket ban in China, many Chinese mining companies shifted their operations to Angola and also currently many Bitcoin miners are now active in the country. 

Just a week ago, Angola’s “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining” officially came into effect. Under this law any type of crypto mining activities in the country after 10 April 2024 will be subject to a crime and any actor involved in this crime may be punished with a prison sentence of 1 to 12 years.

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On 20 April 2024, The Chinese Embassy warned all Chinese Bitcoin miners to remain aware of Angola’s new crypto laws, to prohibit himself away from any crypto crime. 

Bitcoin mining ban efforts by the lawmakers of Angola were started in Q3 2023 and finally, they introduced their law on 10 April 2024.

It is worth it to know that Angola was the 8th biggest hub for Bitcoin mining companies in Q4 2023 and here we can expect that the Bitcoin mining ban in the country is going to impact the sentiments of Bitcoin supporters badly. 

Bitcoin mining activities in Angola alone were huge over all the African countries and this caused very high pressure on the country’s energy consumption rate. Allegedly the electricity supplier companies were failing to give a full-time supply of electricity to households because of the high amount of electricity consumption by Bitcoin mining companies. Such power concerns were responsible for the origin of Crypto mining ban laws. 

Read also: Indian citizen drains $9.5M crypto from Coinbase user’s account using “Coinbase spoof” website 

China reminds “Now crypto mining in Angola is a crime”

 

https://bitcoinik.com/china-reminds-now-crypto-mining-in-angola-is-a-crime/feed/

https://bitcoinik.com/china-reminds-now-crypto-mining-in-angola-is-a-crime/feed/

 

 

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