PANews reported on September 11th that the Guangzhou Daily reported that the Guangzhou Intermediate People's Court ruled invalid a contract for the sale of virtual currency "mining machines" operated overseas by a Chinese citizen. The parties agreed to ship the mining machines to Mongolia for Bitcoin mining. However, the court ruled that this activity, contrary to financial security and the ecological environment, constituted illegal financial activity and disrupted China's financial order. The court applied Chinese law and declared the contract invalid. The ruling emphasized that Chinese citizens involved in overseas virtual currency transactions remain subject to Chinese law.PANews reported on September 11th that the Guangzhou Daily reported that the Guangzhou Intermediate People's Court ruled invalid a contract for the sale of virtual currency "mining machines" operated overseas by a Chinese citizen. The parties agreed to ship the mining machines to Mongolia for Bitcoin mining. However, the court ruled that this activity, contrary to financial security and the ecological environment, constituted illegal financial activity and disrupted China's financial order. The court applied Chinese law and declared the contract invalid. The ruling emphasized that Chinese citizens involved in overseas virtual currency transactions remain subject to Chinese law.
Guangzhou Court Deems Overseas Virtual Currency Mining Machine Sales Contract Invalid
PANews reported on September 11th that the Guangzhou Daily reported that the Guangzhou Intermediate People's Court ruled invalid a contract for the sale of virtual currency "mining machines" operated overseas by a Chinese citizen. The parties agreed to ship the mining machines to Mongolia for Bitcoin mining. However, the court ruled that this activity, contrary to financial security and the ecological environment, constituted illegal financial activity and disrupted China's financial order. The court applied Chinese law and declared the contract invalid. The ruling emphasized that Chinese citizens involved in overseas virtual currency transactions remain subject to Chinese law.
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