Deep Tide TechFlow news, on November 19, according to Hongwang reports, the People's Court of Jiahe County, Hunan Province recently made a ruling on a major dispute over mining machine transactions. The case shows that the plaintiff Pan Mouxiang communicated with the defendant Lei Moucai via WeChat in November 2021 to purchase Bitcoin mining machine S19XP, after paying 23.678 million USDT, both parties had differences regarding the nature of the contract and the settlement price. The plaintiff requested the defendant to return the price difference of 6.27 million USDT and continue to deliver 149 mining machines.
The court rejected all the plaintiff's litigation requests, mainly based on two reasons: first, according to the notice from the central bank and other departments (regarding further prevention and handling of the risks of speculation in virtual currency transactions), USDT and other virtual currencies do not have the status of legal currency, and related transactions are illegal financial activities; second, based on the notice from the National Development and Reform Commission (regarding the rectification of virtual currency 'mining' activities), the energy consumption of mining activities is high, carbon emissions are high, and economic contributions are low, which does not comply with the national green development strategy. The court determined that the transaction contract was invalid due to violations of laws and regulations and public order and morals, and the related losses would be borne by both parties themselves.