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.the proposal to ban and criminalize cryptocurrency mining on Feb. 28.
Despite Angola's installed electricity production capacity of 6,200 MW per day, efficient energy distribution remains a challenge, especially considering the current daily demand of 5,500 MW.China's interest in Angola's economic transformation has been strong for the past decade. In December, China and Angola signed an investment protection agreement, facilitating tariff-free access for Angolan firms to China's consumer market across a wide range of goods.
This mechanism is designed to control the issuance of new Bitcoins, gradually decreasing the rate of supply to maintain scarcity and adjust for the growing network's adoption and mining capabilities.Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto.