TechFlow News: On February 13, according to a report by the China Times, the Jing’an District People’s Court of Shanghai recently adjudicated a dispute involving virtual currency investment. Investor Ms. Wu invested RMB 1.05 million in USDT after being induced by a live-streaming host. Later, she was unable to withdraw her funds because the trading platform became inaccessible. Both the first-instance and second-instance courts rejected Ms. Wu’s claims, ruling that virtual currencies do not hold legal status equivalent to that of fiat currency; related trading activities constitute illegal financial activities, violate public order and good customs, and thus constitute invalid civil acts—meaning losses must be borne by the investor herself. This case aligns with the “Notice on Further Preventing and Addressing Risks Related to Virtual Currencies,” jointly issued on February 6 by the People’s Bank of China and seven other departments, reaffirming China’s prohibitive policy stance toward virtual currencies.
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