Close Menu
Finance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Facebook X (Twitter) Instagram
Trending
  • Lloyds profits plunge 36% as it feels impact of UK car finance scandal – The Guardian
  • North Korea stole $2.8 billion in cryptocurrency in 2024 and 2025, report says
  • African Development Bank Group receives $14 million in first funding allocation under Global Agriculture and Food Security Program’s new private sector financing window – African Development Bank Group
  • Mutuum Finance- Sponsored Content | ThePrint
  • Generational investment, sacrifice in budget
  • Building Your Own Cryptocurrency: A Beginner’s Guide To Creating A Crypto Coin From Scratch
  • Brighton Museum gallery reopens with Pride, BLM and Dali exhibits
  • FBI data shows cryptocurrency ATM scams exploding in United States
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
Finance ProFinance Pro
  • Home
  • Art Gallery
  • Art Investment
  • Art Stocks
  • Cryptocurrency
  • Finance
  • Investing in Art
  • Investments
Finance Pro
Home»Cryptocurrency»China Cautions Citizens on Angola Cryptocurrency Mining Ban
Cryptocurrency

China Cautions Citizens on Angola Cryptocurrency Mining Ban

April 20, 20242 Mins Read


China has issued a firm warning to its citizens involved in cryptocurrency mining in Angola, emphasizing the severe legal consequences under Angola’s newly implemented laws. The Chinese Embassy highlighted that the Angolan government’s “Law on the Prohibition of Cryptocurrency and Other Virtual Asset Mining” came into force on April 10, signaling a crackdown on such activities.

Angola’s legislation imposes penalties for anyone caught mining cryptocurrencies, with potential imprisonment ranging from one to twelve years. The law aims to dismantle organized networks of cryptocurrency mining that threaten the nation’s electrical infrastructure by draining substantial amounts of power.

Impact on Energy and Diplomatic Relations

The ban arises amidst concerns over the immense electricity consumption by cryptocurrency mining operations, which are estimated to use about 9.6 MW daily. This consumption is equivalent to the electricity usage of 3,000 households, significantly affecting the stability of Angola’s domestic electricity supply.

Despite having an installed capacity to produce 6,200 MW of electricity per day, Angola grapples with challenges in efficient energy distribution, currently facing a daily demand of 5,500 MW. The law serves as a preventive measure to safeguard the national grid and ensure a stable power supply to its citizens.

Furthermore, China continues to strengthen its economic ties with Angola, as evidenced by a recent investment protection agreement signed last December. This agreement grants Angolan companies tariff-free access to China’s vast consumer market, spanning various goods.

Also Read: China Equity Funds Apply for spot Bitcoin ETFs in Hong Kong





Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

North Korea stole $2.8 billion in cryptocurrency in 2024 and 2025, report says

October 23, 2025 Cryptocurrency

Mutuum Finance- Sponsored Content | ThePrint

October 23, 2025 Cryptocurrency

Building Your Own Cryptocurrency: A Beginner’s Guide To Creating A Crypto Coin From Scratch

October 22, 2025 Cryptocurrency

FBI data shows cryptocurrency ATM scams exploding in United States

October 22, 2025 Cryptocurrency

North Korea has stolen billions in cryptocurrency and tech firm salaries, report says

October 22, 2025 Cryptocurrency

How Will $1 Billion XRP Accumulation Impact the Crypto Market?

October 22, 2025 Cryptocurrency
Add A Comment
Leave A Reply Cancel Reply

Don't Miss

Lloyds profits plunge 36% as it feels impact of UK car finance scandal – The Guardian

October 23, 2025 Finance 1 Min Read

Lloyds profits plunge 36% as it feels impact of UK car finance scandal The GuardianLloyds profit…

North Korea stole $2.8 billion in cryptocurrency in 2024 and 2025, report says

October 23, 2025

African Development Bank Group receives $14 million in first funding allocation under Global Agriculture and Food Security Program’s new private sector financing window – African Development Bank Group

October 23, 2025

Mutuum Finance- Sponsored Content | ThePrint

October 23, 2025
Our Picks

Lloyds profits plunge 36% as it feels impact of UK car finance scandal – The Guardian

October 23, 2025

North Korea stole $2.8 billion in cryptocurrency in 2024 and 2025, report says

October 23, 2025

African Development Bank Group receives $14 million in first funding allocation under Global Agriculture and Food Security Program’s new private sector financing window – African Development Bank Group

October 23, 2025

Mutuum Finance- Sponsored Content | ThePrint

October 23, 2025
Our Picks

North Korea has stolen billions in cryptocurrency and tech firm salaries, report says

October 22, 2025

Ascendant Art Basel Paris rewards top dealers, while smaller galleries compete for attention – The Art Newspaper

October 22, 2025

Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Receives 2025 Charles A. Sanders, MD, Partnership Award From the Foundation for the National Institutes of Health – Company Announcement – FT.com – Financial Times

October 22, 2025
Latest updates

Lloyds profits plunge 36% as it feels impact of UK car finance scandal – The Guardian

October 23, 2025

North Korea stole $2.8 billion in cryptocurrency in 2024 and 2025, report says

October 23, 2025

African Development Bank Group receives $14 million in first funding allocation under Global Agriculture and Food Security Program’s new private sector financing window – African Development Bank Group

October 23, 2025
Weekly Updates

3 Trending Coins To Buy Before Bitcoin Hits $75K

July 4, 2024

Black Joy: A new exhibition celebrating Black artists opens in Sussex

May 19, 2024

Art Athina annual exhibition opening on September 9

August 20, 2024
  • Privacy Policy
  • Terms and Conditions
  • Get In Touch
© 2025 Finance Pro

Type above and press Enter to search. Press Esc to cancel.