TechFlow news, September 11 — According to the Guangzhou Daily, the Guangzhou Intermediate People's Court released a typical case in which a contract for the purchase of overseas virtual currency "mining machines" was ruled invalid. In the case, two Chinese citizens reached an agreement via WeChat to purchase 24 mining machines for 1.024 million yuan and shipped them to Mongolia for Bitcoin mining. However, the court held that cryptocurrency mining is energy-intensive and that virtual currency trading constitutes illegal financial activity, disrupting China's financial order. Therefore, the contract was deemed invalid for violating public order and good customs, and the court made a ruling based on the fault and performance of both parties.
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