News Snapshot:
A virtual currency cannot circulate as currency in the market, so a vehicle purchase contract where the parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court notes that a virtual currency does not have the same legal status as a national fiat currency. Not protected by law A Chinese court has ruled that a vehicle purchase contract in which the parties agreed that the buyer would pay using a virtual currency violates mandatory provisions of laws and administrative regulations and is therefore invalid. According to the court,...
