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.
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.
