Chinese Embassy Advises Citizens in Angola to Avoid Crypto Mining

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. 

The embassy has also urged its citizens to be vigilant of virtual currency schemes that exploit users’ aspirations for rapid wealth and assured returns.

Violators of Angola’s Anti-Crypto Mining Law Face Prison Time

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. 

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 warning from the Chinese Embassy, issued on April 12, came just days after Angola’s law prohibiting the mining of cryptocurrencies took effect. 

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. 

Furthermore, the law stipulates that any person found in possession of mining devices could face up to five years in prison.

See Also: US Senate Renews Surveillance Law, Raising Concerns in Crypto Community

Chinese Citizens Involved in Crypto Mining Detained by Angolan Authorities

As previously reported, the Angolan legislature unanimously approved the law outlawing cryptocurrency mining and related activities in late December 2023. 

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. 

The Chinese Embassy similarly highlighted the impact of crypto mining on the environment and the health of a financial system. 

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. 

The embassy further encouraged citizens to protect their personal information and mobile devices.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in 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 decisions.

#Binance #WRITE2EARN

The post Chinese Embassy Advises Citizens in Angola to Avoid Crypto Mining appeared first on BitcoinWorld.