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Angola plans to ban cryptocurrency mining due to energy concerns

Angola plans to ban cryptocurrency mining due to energy concerns


LUANDA, Feb. 26 (Xinhua) — Angola is planning to ban and criminalize cryptocurrency mining and other virtual assets in the country to safeguard national energy security, local media Angola Press Agency (ANGOP) reported on Monday.

The Law on Cryptocurrency and Other Virtual Asset Mining, set to be voted on during the upcoming plenary session of the National Assembly on Wednesday, includes provisions for imprisonment for individuals found in possession of computer equipment, communication devices and infrastructure intended for cryptocurrency mining.

According to the report, under Article 9 of the proposal, using electrical installations for mining purposes would carry a prison sentence ranging from three to eight years.

The report highlights that mining activities pose a risk to the security and stability of the national electrical system, with an average daily consumption of about 9.6 MW, equivalent to the consumption of 3,000 households, thereby affecting the electricity supply, particularly domestic use.

Although Angola has an installed electricity production capacity of 6,200 MW per day, the main challenge lies in efficiently distributing this energy, especially considering the current daily demand of 5,500 MW, said the ANGOP.



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