Chinese Citizens Warned by Embassy in Angola Against Crypto Mining
The Chinese Embassy in Angola has issued a warning to its citizens living in the country, advising them to refrain from engaging in cryptocurrency mining, as it is now considered a criminal offense. Additionally, the embassy has urged its citizens to exercise caution when it comes to virtual currency schemes that exploit their aspirations for quick wealth and guaranteed returns.
According to the embassy, Angola’s recently implemented law against crypto mining classifies the activity as a crime, with violators facing up to 12 years in prison. The law also stipulates that anyone found in possession of mining devices could be sentenced to up to five years in prison.
The Chinese Embassy’s warning, which was issued on April 12, comes shortly after Angola’s ban on cryptocurrency mining took effect. This move by the Angolan government was supported by Otoniel Dos Santos, the Secretary of State for Finance and Treasury, who stated that it was necessary to protect Angola’s monetary policy sovereignty. Santos also cited the environmental impact of crypto mining and its potential threat to the country’s energy security as reasons behind the legislation.
The Chinese Embassy echoed these concerns, emphasizing the environmental impact of crypto mining and its potential harm to the financial system. The embassy also highlighted the fact that several Chinese citizens in Angola have already faced legal consequences for engaging in virtual mining and suspected illegal use of electricity.
In addition to cautioning its citizens against crypto mining, the Chinese Embassy has also advised them to be wary of virtual currency schemes that promise wealth and guaranteed returns. Citizens are encouraged to safeguard their personal information and mobile devices.
Overall, the Chinese Embassy’s warning serves as a reminder to Chinese citizens in Angola to abide by the country’s laws and to exercise caution when it comes to engaging in cryptocurrency-related activities.
