Angola: Chinese Embassy Cautions Citizens on Crypto Mining Risks

The Chinese Embassy in Angola has strongly advised its citizens residing in the African nation to avoid cryptocurrency mining. As it has been declared a criminal activity under Angolan law. 

This caution extends to individuals and institutions, warning against any involvement in mining or transactions related to digital assets. Which are not recognized as legal tender. Angola’s recent law against crypto mining, which came into effect just days prior to the embassy’s warning on April 12, carries severe penalties. Including up to 12 years in prison for offenders and five years for those in possession of mining equipment. 

This advisory follows a crackdown by Angolan authorities on Chinese citizens engaged in virtual mining activities. Highlighting the legal consequences and environmental concerns associated with such practices. The embassy also urged vigilance against fraudulent schemes exploiting aspirations for quick wealth and emphasized the importance of safeguarding personal information and devices.

Clever Robot News Desk 23^rd April 2024