TechFlow news, on October 30, according to The Paper, the Jinde County Court in Zhejiang recently concluded a dispute over a virtual currency mining machine sales contract. In April 2021, plaintiff Hang purchased a "mining rig" platform and 64 hard drives from defendant Chen, with a total value of 429,000 yuan. After full payment was made, Chen failed to deliver the equipment as agreed and only refunded 180,000 yuan.
The court cited the National Development and Reform Commission's September 2021 "Notice on Rectifying Virtual Currency 'Mining' Activities" and the joint statement by the People's Bank of China and other departments titled "Notice on Further Preventing and Addressing Risks of Virtual Currency Trading Speculation," ruling that activities related to virtual currency are illegal financial activities. The court declared the mining machine sales contract void due to violation of public order and good customs, ordering the defendant to return the remaining 249,000 yuan.
The appellate court upheld the original judgment, stating that the relevant contract not only violates public order and good customs but also fails to comply with the fundamental principles of conserving resources and protecting the environment.
