🔥 Land A High Paying Web3 Job In 90 Days LEARN MORE

Crypto mining now punishable by law in Angola – and here comes China

In this post:

  • Angola’s new law effective April 10 criminalizes cryptocurrency mining, with penalties ranging from 1 to 12 years in prison.
  • Possessing cryptocurrency mining equipment can lead to 1 to 5 years in prison and confiscation of the equipment.
  • Connecting mining equipment to Angola’s national power system could result in 3 to 12 years of imprisonment.

Angola laid down the law on April 10 with a new rule, the “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining,” that flips the script on crypto enthusiasts. Under this rule, tapping into your computer to mine cryptocurrencies now lands you in hot water, legally speaking, with punishments ranging from a year to a whopping twelve in the slammer.

Heavy Hand on High Tech

Dive into the specifics, and it gets even grimmer for the tech heads. Own any gear that smells like crypto mining? That’s up to five years behind bars for you, and say goodbye to your tech toys cause they’re getting nabbed. If you’re rigging up that gear to the national power grid, brace yourself for up to twelve years of jail time. And for those playing it sneaky with a power facility license, you’re looking at three to eight years in a cell.

Angola’s government reminded citizens that crypto mining is a heavy hitter in the power game. These mining machines are straight up gulping tons of electricity. The result is a massive spike in energy use and carbon emissions that messes with industrial power supplies and could knock the stability of the entire national grid. But that’s not all. It messes with everything from public interest to social and economic development, making it a no-go for energy conservation and environmental protection efforts.

See also  Trump taps FTC Commissioner Andrew Ferguson to chair agency

Cross-Border Crackdown

Shift your gaze to China, and you see they’ve technically shut the door completely on cryptocurrency transactions. They stated that these digital assets don’t stack up to real cash in legal tender terms, and dabbling in them is considered illegal financial antics. Angola’s not pulling punches either. They’ve been rounding up several Chinese citizens since last year, busting them for illegal mining and even for tapping into power supplies without permission.

The Chinese Embassy in Angola is now on a mission to make sure its citizens and businesses aren’t stepping out of line, as reported by local media outlet. They’re doling out some serious advice: Stick to the law, keep your electricity use legit, and steer clear of any crypto dealings.

They’re worried about the shaky ground under cryptocurrencies. They’re volatile, lack real value, and are prone to manipulation. The embassy’s also throwing a red flag on the flashy promises of “financial innovation” and quick riches, warning folks to watch out for scams dressed up as investment opportunities.

Oh, and keep a tight grip on your personal and banking info, unless you want them misused. And for those thinking they can sneak around these regulations? Think again. Angola’s making it clear. Mess with crypto, and you’re in for a rough ride.

See also  Will quantum computing crack Bitcoin? Here's what Satoshi Nakamoto said to do

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Share link:

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Cryptopolitan
Subscribe to CryptoPolitan