Jiahe Court: The transaction contract for "mining machines" involving virtual currency is invalid, losses are to be borne by oneself.

According to reports from Hong Wang, the People’s Court of Jiahe County has heard a case involving a contract dispute related to "mining" equipment, ruling to reject the plaintiff's lawsuit request. The plaintiff, Pan Mouxiang, and the defendant, Lei Moucai, communicated via WeChat to order S19XP Bitcoin "mining" equipment. After the plaintiff paid approximately 23.68 million $USDT, the two parties had a disagreement over the nature of the contract and the settlement price. The plaintiff demanded the return of a price difference of about 6.27 million $USDT and the continued delivery of 149 machines. The court found that the focal point of the dispute was the validity of the contract. According to notices issued by the People's Bank of China and other departments, virtual currencies do not have the status of legal tender, and related transactions are considered illegal financial activities, rendering civil legal actions invalid. Moreover, the National Development and Reform Commission and other departments have also issued documents prohibiting virtual currency "mining" activities. Therefore, the court rejected the plaintiff's lawsuit request, including the demands for the return of $USDT and the continued delivery of mining machines, with the relevant consequences to be borne by both parties themselves.