Virtual Currency-Based Sale Agreement an Invalid Contract, Chinese Court Rules
A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat currency. Not Protected by Law A Chinese court has ruled that a vehicle sale contract, in which the parties agreed that the buyer would pay via a virtual currency, violated mandatory provisions of laws and administrative regulations and is therefore invalid.....
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