Chinese citizens entrust their operation of overseas virtual currency "mining machines", Guangzhou court ruled that the contract involved was invalid

According to BlockBeats, on September 11, the Guangzhou Intermediate People's Court of China held a press conference on the effectiveness of civil and commercial trials involving foreign-related Hong Kong, Macao and Taiwan yesterday. A sales contract involving the "mining machine" of virtual currency operation abroad was found invalid due to disrupting my country's financial order. Wang Mouming and Zheng Mou are both Chinese citizens. Through WeChat negotiations, Zheng Mou purchased 24 dedicated servers (hereinafter referred to as "mining machines") from Wang Mouming for 1.024 million yuan, and paid all the payment. It was agreed that Wang Mouming would transport the "mining machines" to Mongolia for operation and maintenance, and the electricity bill would be borne by Zheng Mou and Chen Mouxiong. Later, the "mining machine" frequently appeared after it was transported to Mongolia, and it was always under actual control of Wang Mouming and was not delivered. Therefore, Zheng filed a lawsuit to confirm that the sales contract was invalid. Wang Mouming argued that this case should be subject to Mongolian laws and the contract is valid. Chen Mouxiong made it clear that he had no business relationship with Wang Mouming and did not claim the right to "mining machine". The effective judgment of the Guangzhou Intermediate People's Court held that although this case is a foreign-related case, all the parties are Chinese citizens. The parties signed a contract involving the case to buy and sell "mining machines" and transport the "mining machines" to Mongolia for Bitcoin "mining", which involves the public interests of Chinese society such as ecological environment and financial security, and Chinese laws should be applied. The "mining machine" involved in the case is a special equipment for "mining". "Mining" is highly energy-consuming and virtual currency transactions are illegal financial activities, disrupting my country's financial order. The contract involved in the case is invalid due to violation of public order and good customs. Relevant treatments are made based on the degree of fault between the two parties and the performance of the contract. (Guangzhou Daily)