China strongly advised its citizens engaged in cryptocurrency mining in Angola about the strict penalties they may face following Angola’s recent law enforcement. The Chinese Embassy underlined that Angola’s new “Cryptocurrency and Virtual Asset Mining Prohibition Law,” effective April 10, is intended to put a stop to such practices.
In simple terms, Angolan law punishes individuals discovered mining cryptocurrencies, facing prison sentences between one and twelve years as consequence. The objective is to break up illicit cryptocurrency mining operations that pose a risk to Angola’s power grid by consuming significant energy resources.
Impact on Energy and Diplomatic Relations
There is a ban due to anxiety about the massive power usage of cryptocurrency mining activities, consuming approximately 9.6 MW every day. This equates to the electricity needs of around 3,000 households, posing a substantial challenge to Angola’s residential electricity supply stability.
Although Angola can generate 6,200 MW of electricity daily, it struggles with effective energy distribution due to high demand. Currently, the country requires 5,500 MW each day. To avoid potential issues with the national grid and maintain a consistent power supply for its people, this legislation is put in place as a precautionary measure.
Additionally, China has been bolstering its financial connections with Angola through various means. One such example is the investment protection deal that was finalized in December between the two nations. Under this arrangement, businesses from Angola will enjoy duty-free entry to China’s expansive consumer market, encompassing a wide range of products.
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2024-04-20 22:28