Chinese court rules that a virtual currency-based sale agreement is an invalid contract.
A court in China ruled that a car sales contract that stipulated that the buyer must pay in private digital currency is invalid because the virtual currency cannot circulate as currency. The court declares that a virtual currency does not have the same legal status as a national fiat currency. The Chinese court ordered that the parties acknowledged that the buyer pay a virtual currency in which the buyer violates the binding law and administrative laws, so this is incorrect. According to the court, virtual currency cannot be issued in the market. WhatAs a statement in Chinese, the Shanghai Court was confirmed that the buyer of a pain vehicle called for court interference.
According to the report, a buyer named Huang signed a sales contract with Shanghai Automobile Service Company in May 2019.As part of the deal, Huang will buy an Audi sports car with “cash with EUREMI”. Under the contract, the seller had to deliver the car after receiving 1,281 copies of Yurimi’s virtual currency. However, when the seller failed to deliver the goods, Huang sued the Shanghai Fengxiang Court.Arguing in his court case, Huang stressed that Yurimi is a virtual commodity interchangeable for goods, so it “does not violate prohibitions and is valid.” However, in its counter-argument, Shanghai Automobile Service Co., Ltd.
He asserted that the selling agreement was a false transaction that did not qualify for legal protection. The Shanghai Fhanksia Court found that neither the tokens or “virtual money” used in 2017 were a component of the nation’s financial return or needs. What The article asserts that such virtual currency does not have the same legal status as Fiat’s national currency. They are thus unable to expand the market as a currency. What According to the narrative, John revised the Shanghai Infrastructure Court since he wasn’t happy with the verdict. After hearing Huang’s appeal, the Supreme Court decided to uphold the decision of the lower court.
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