Angola Bans Cryptocurrency Mining and Its Impact on Global Bitcoin Market

Saturday, 20 April 2024, 18:00

Angola's recent ban on cryptocurrency mining, enforced with severe penalties, has major implications on the global Bitcoin market. The Chinese Embassy in Angola has warned nationals about the new regulations to safeguard national energy security. This development comes amidst a shifting landscape for Bitcoin miners and significant changes in the industry.
https://store.livarava.com/fd759feb-ff44-11ee-a6bf-63e1980711b2.jpg
Angola Bans Cryptocurrency Mining and Its Impact on Global Bitcoin Market

Angola Implements Ban on Crypto Mining

Angola recently outlawed cryptocurrency mining activities, with the Chinese Embassy in Angola warning its nationals about the new regulations.

Earlier Legislation and Ban Details

  • Angolan parliament passed legislation criminalizing cryptocurrency mining for energy security.
  • Offenders face up to 12 years in prison for direct involvement in mining.
  • Chinese miners shifting operational bases due to opposing regulations.

Conclusion: Angola's ban on cryptocurrency mining has significant implications on the industry, with global repercussions expected in the Bitcoin market.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe