Angola Moves to Outlaw Crypto Mining

Angola’s lawmakers are gearing up for a crucial vote. They will decide on a bill that could outlaw cryptocurrency mining and related activities.

This upcoming vote, set for Wednesday in Angola’s National Assembly, marks a significant step.

The proposal, known as the “Law Proposal on the Prohibition of Cryptocurrency Mining and Other Virtual Assets Activity,” emerged from recent amendments.

Additionally, Lusa a news outlet, reviewed the report detailing this legislation.

Crafted by several National Assembly committees, the proposal will be up for discussion this Wednesday. Expectations are high for its approval.

In addition, the bill’s objective is clear. It seeks to eliminate cryptocurrency mining across Angola.

It also aims to limit the flow of virtual currencies that are not backed by the nation’s central bank.

In an impressive display of unity, Angola’s National Assembly already showed strong support for this proposal.

On December 8, 2023, it received 167 votes in favor, with no opposition or abstentions.

Otoniel dos Santos, the Secretary of State for Finance and Treasury, underscored the law’s rationale. He cited concerns about environmental sustainability and energy security.

Dos Santos emphasized the current unregulated state of cryptocurrency mining. This, he argued, poses risks for money laundering and terrorism financing.

Moreover, it operates beyond the control of Angola’s monetary authorities, such as the National Bank of Angola (BNA).

This law matters for several reasons. It reflects Angola’s stance on environmental and energy concerns.

It also shows the government’s effort to regulate financial activities and safeguard the economy from potential risks associated with unregulated cryptocurrency transactions.

Background

The push to regulate cryptocurrency mining in Angola mirrors a global trend. Countries worldwide are grappling with the balance between innovation and regulation.

However, this move signals Angola’s caution in embracing digital currencies without oversight.

Historically, Angola has been cautious about financial innovations. The government’s proposal reflects a broader attempt to maintain financial stability.

By restricting unregulated mining, Angola aims to protect its economy from volatility.