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China Issues Warning to its Citizens in Angola Involved in Crypto Mining

The Chinese Embassy in Angola has reminded its nationals on Angola’s recent prohibition of all crypto mining activities. The authority issued firm warning, emphasizing severe penalties to those who violate the law.

The Angolan parliament passed a bill early this year on the “Prohibition of Cryptocurrency and Other Virtual Asset Mining,” which became effective on April 10. Under this law, any form of crypto mining is termed as a ‘criminal’ offence.

As for the legal consequences, possession of information or any crypto mining-related equipment will lead to 1-5 years in jail. Additionally, the Chinese Embassy note, read that the government would confiscate the equipment used for mining purposes.

“Mining cryptocurrencies by yourself or through others Currency and other virtual assets, or connecting such mining equipment to the national power system, will be sentenced to 3 to 12 years in prison,” it warned.

Violators that utilize power facility license to engage in crypto mining activities, will face 3 to 8 years in prison.

China Crypto Miners Shift to Africa

The warning comes at a time when China’s blanket ban on crypto mining, implemented in 2018, followed a mass exodus of miners to various African nations. This is mainly due to the drastic decrease in the electricity price per unit.

Angola, for instance, decreased electricity prices to $17.1 per megawatt hour in 2020. This was the lowest level during the period observed. Overall, prices for electrical energy have been decreasing in the country, according to Statista.

As a result, the African nation has become a hotbed for crypto miners, particularly blackballed from nations like China.

“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 Embassy noted.

The warning also stressed key hazards of crypto mining, which could easily disrupt economic and financial order. It would also breed illegal and criminal activities, such as fraud, money laundering, pyramid schemes, etc.

The Embassy has specifically reminded Chinese citizens and institutions in Angola to strictly abide by the local rules. It cautioned them to use electricity in-accordance with the law, which does not engage in mining activities.

The post China Issues Warning to its Citizens in Angola Involved in Crypto Mining appeared first on Cryptonews.

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