Breaking Down the Legalities of Virtual Currency Issuance Financing Contracts.

A Chinese agricultural development company (Company X) entered into a contract with S Company to help create a blockchain-based virtual currency and conduct an ICO in 2017. However, the token issuance was not completed within a year, leading to a dispute over the cont

ract’s validity. The Songjiang District People’s Court found that virtual currencies, as virtual commodities, possess property value, but commercial entities cannot participate in virtual currency transactions or issue tokens without adhering to specific regulations.

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