The Huai’an City Court of Jiangsu Province recently ruled that a digital currency contract was invalid. It is reported that the plaintiff Hong Mou and the defendant Teng Mou reached a consensus on the WeChat “Utecoin” sales contract, Teng Mou sold to Hongmou on November 24, 2016 at a price of 2.5 yuan per piece. In this regard, the court held that the “Utecoin” involved in the case was defined as an electronic currency or a token issued as ICO, and there was no legitimate legal basis. The court found that the original and defendant’s sale of Utecoin violated the law and damaged the public interest. It was an invalid civil act, and both the original and the defendant were at fault.
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