A prohibition of cryptocurrency mining activities throughout the national territory and the professional services associated with them, is an opportunity that the Angolan Government is missing or postponing the inevitable, according to the President of the Executive Committee of BAI bank, Luís Filipe Lélis.
Banning cryptocurrency mining in Angola could be a missed opportunity or postponing the inevitable. Here are my arguments for the creation of legislation that allows the mining of cryptocurrencies exclusively by the monetary authority in Angola (BNA).
The approval of…
— Luís Filipe LÉLIS (@luis_lelis_) February 27, 2024
Speaking on his account on the social network X (ex.Twitter), the manager stated that “banning cryptocurrency mining in Angola could be a missed opportunity or a postponement of the inevitable“, proposing the exclusivity of mining for the National Bank of Angola (BNA) and where he presented five benefits of this centralization.
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Among the benefits are the Energy Security and Environmental Protection; Combating Tax Evasion and Illegal Activities; Financial stability; Technological Development and Innovation e Revenue Generation for the State.
"These arguments highlight how the proposed legislation could benefit Angola on several fronts, from environmental protection and energy security to fostering technological innovation and generating revenue for the state.“He concluded.
It should be noted that the ban was at the 4th Extraordinary Plenary Meeting, referring to the 2nd Legislative Session of the V Legislature of the National Assembly, the deputies also approved, by global final vote, the Law on Cryptocurrency Mining and Other Virtual Assets.
The diploma, which received 104 votes in favor, two against and 71 abstentions, will 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, whose transactions take place between economic agents in the national territory.
