April

Angola

Time

<a href="https://bitcoinworld.co.in/chinese-embassy-advises-citizens-in-angola-to-avoid-crypto-mining/" title="Chinese Embassy Advises Citizens in Angola to Avoid Crypto Mining" rel="noopener noreferrer nofollow"></a>
The Chinese Embassy in Angola has cautioned its citizens residing in the African nation to refrain from mining crypto, as this activity is now considered a criminal offense.&nbsp;
The embassy has also urged its citizens to be vigilant of virtual currency schemes that exploit users’ aspirations for rapid wealth and assured returns.
<h3 id="span-style-font-weight-400-violators-of-angola-s-anti-crypto-mining-law-face-prison-time-span">Violators of Angola’s Anti-Crypto Mining Law Face Prison Time</h3>
The Chinese Embassy in Angola has warned its citizens and institutions operating in the African country against engaging in virtual currency “mining” activities, as prescribed by a recently passed law.&nbsp;
The embassy also advised its citizens to understand that virtual currencies are not legal tender and to abstain from any transactions involving digital assets.
The <a href="https://mp.weixin.qq.com/s/hXlYEkLGyjonzM3yGRGkqg" rel="noopener noreferrer nofollow">warning</a> from the Chinese Embassy, issued on April 12, came just days after Angola’s law prohibiting the mining of cryptocurrencies took effect.&nbsp;
According to a statement, Angola’s law against crypto mining has classified cryptocurrency mining as a crime, punishable by up to 12 years in prison.&nbsp;
Furthermore, the law stipulates that any person found in possession of mining devices could face up to five years in prison.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/us-senate-renews-surveillance-law-raising-concerns-in-crypto-community/" aria-label="“US Senate Renews Surveillance Law, Raising Concerns in Crypto Community” (Edit)" rel="noopener noreferrer nofollow">US Senate Renews Surveillance Law, Raising Concerns in Crypto Community</a>
<h3 id="span-style-font-weight-400-chinese-citizens-involved-in-crypto-mining-detained-by-angolan-authorities-span">Chinese Citizens Involved in Crypto Mining Detained by Angolan Authorities</h3>
As previously reported, the Angolan legislature unanimously approved the law outlawing cryptocurrency mining and related activities in late December 2023.&nbsp;
At the time, Otoniel Dos Santos, the Southern African nation’s Secretary of State for Finance and Treasury, justified the move, stating it safeguards Angola’s monetary policy sovereignty.
Santos also claimed that the environmental impact of crypto mining and its perceived threat to Angola’s energy security were other factors that necessitated the enactment of the law.&nbsp;
The Chinese Embassy similarly highlighted the impact of crypto mining on the environment and the health of a financial system.&nbsp;
The warning added:
“The Angolan government has also cracked down on this. Since last year, several Chinese citizens in Angolan have been held legally responsible for engaging in virtual ‘mining’ and suspected of illegal use of electricity.”
The Chinese Embassy has also advised its citizens to be wary of virtual currency schemes that prey on users’ desires for wealth and guaranteed returns.&nbsp;
The embassy further encouraged citizens to protect their personal information and mobile devices.
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Chinese Embassy Advises Citizens in Angola to Avoid Crypto Mining

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