Angola’s National Assembly recently approved legislation aimed at addressing the environmental impacts of cryptocurrency mining and protecting the country’s “monetary sovereignty.” The purpose of the bill is to curb illegal activity by preventing malicious actors from using cryptocurrencies to launder money.
Bill introduced by President Joao Lourenco
Angola’s National Assembly recently unanimously approved landmark legislation addressing cryptocurrency mining and virtual currencies in the country. The bill aims to protect the sovereignty of Angola’s monetary policy. Otoniel Dos Santos, Minister of Finance and Finance, emphasized that the passage of this law was necessary due to the impact of cryptocurrency mining on the environment and the country’s energy security.
According to a report by Ver Angola, the law, introduced by Angola’s President Joao Lourenco, received 167 votes in favor, with no votes against or abstentions. The purpose of the bill is to curb illegal activity by preventing malicious actors from using cryptocurrency assets to launder money.
Dos Santos, who advocated for the law to be passed in a speech to the National Assembly, said:
The document also proposes to prevent, within the framework of the criminal policy, acts that jeopardize the national monetary sovereignty and protect the energy and environmental systems in general and in a special way, so that these realities do not affect the energy and environmental security of the country. . our country.
Additionally, since cryptocurrency assets are outside the regulatory scope of the National Bank of Angola, the law ensures that Angolan citizens have legal recourse to seek redress in the event of disputes involving digital currencies.
According to the Ver Angola report, the law scheduled for further discussion consists of five chapters covering a variety of issues, from cryptocurrency mining and virtual asset distribution to legal provisions related to crimes against the environment and the financial system.
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Source: Bitcoin.com