As crypto investors are widely aware, China has declared everything Cryptocurrency transactions are illegal And illegal crypto mining activities. Recently, a court ruling reaffirmed the government’s attitude to curb Bitcoin mining activities as much as possible.
On December 15, a court in Chaoyang District, Beijing, heard a contract dispute over a delay in returns from Bitcoin mining and ruled that the service contract was “invalid.” News From the court.
Plaintiffs were brought to court because the contracted mining company, Defendant, did not pay about $ 18 million worth of 278.1654976 Bitcoin as of December 15.
This is the first time a Beijing court has declared the Bitcoin mining contract invalid, according to the notice. Following the ruling, the court urged relevant authorities in Sichuan Province, the energy-rich state where the mining mentioned in the case took place, to “purge” such remaining activities.
The court’s ruling, not surprisingly, can discourage foreign companies from trading with Chinese cryptocurrency companies. Although China considers all crypto transactions, transactions and investments illegal, many crypto companies still maintain their engineering and operational capabilities domestically while marketing their services to overseas customers.
China has already begun to consider banning cryptocurrency mining 2019 And in 2021, we began to seriously strengthen enforcement.Virtuality Currency mining “consumes a lot of energy, produces high carbon emissions and makes little contribution to the economy,” he said in September. News From the National Development and Reform Commission, China’s national planner, and such activities should be “excluded.”
The signed contract is “invalid because it undermines social and public interests,” the Beijing court said. As such, its associated rights and interests “should not be protected by law” and the parties concerned “should bear the consequences” of their actions.
