🛑🚨🚨#Warning
Embassy of China in Angola has warned Chinese citizens to stop mining cryptocurrencies.
The Chinese Embassy has issued a reminder that Angola's "Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining" officially went into effect on April 10.
This law criminalizes cryptocurrency mining, carrying potential prison sentences ranging from 1 to 12 years. The legislation aims to combat organized cryptocurrency mining networks and protect the national electrical system from the significant electricity demands of mining operations.
Angolan lawmakers approved the proposal to ban and criminalize cryptocurrency mining on Feb. 28. The bill targets individuals caught mining cryptocurrencies with computer systems and associated equipment, imposing severe penalties, including imprisonment.