Ver Angola


Parliament wants to ban cryptocurrency mining activity in the country

Parliament wants to ban the mining of cryptocurrencies and other virtual assets, according to the report on the proposed law that will be voted on in the National Assembly on Wednesday.

: Lusa

In the joint opinion of the proposed law, which was reduced to the specialty, the deputies introduced amendments. The title of the proposal now has the following name: "Proposed law on the Prohibition of the Mining Activity of Cryptocurrencies and other Virtual Assets", reads the opinion report to which Lusa had access this Monday.

The document, prepared by the committees on Economy and Finance, Constitutional and Legal Affairs and Defense, Security, Internal Order, Former Combatants and Veterans of the National Assembly, will be submitted to Wednesday's plenary meeting, which must approve the law as a whole.

According to the report, the proposed law intends to "prohibit the exercise of cryptocurrency mining activities throughout the national territory and the professional services associated with them, as well as limit the circulation of virtual currencies not issued by central banks".

The executive's bill was generally and unanimously approved by the National Assembly on December 8, 2023 with 167 votes in favor, zero against and no abstentions.

"This law is based on a set of elements that have occurred and that, in some way, impact not only on environmental sustainability, but also on the country's energy security", said, at the time, the Secretary of State for Finance and Treasury, Otoniel dos Santos, during the presentation of the document in parliament.

Otoniel dos Santos, in his presentation, recognized that the country already has an unregulated cryptocurrency mining movement with risks of promoting money laundering and financing terrorism.

He also highlighted "the fact that this phenomenon is occurring outside of the traditional control of the country's monetary authorities, as in the case of the BNA [Banco Nacional de Angola]".


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