Peoples Court News: Virtual currency mining contract violates basic legal principles

Odaily News The Peoples Court Newspaper, which is under the jurisdiction of the Supreme Peoples Court, today published an article Virtual currency mining contracts violate basic principles of law. The article stated that recently, the Intermediate Peoples Court of Zhengzhou City, Henan Province heard a contract dispute involving virtual currencies. The court determined that signing a contract to conduct Bitcoin mining violated social order and good customs, and was inconsistent with the basic legal principles of conserving resources and protecting the environment. , so the contract is confirmed to be invalid. The judge said that Articles 8 and 9 of the Civil Code stipulate the principles of public order and good morals and the green principle. In 2021, the Peoples Bank of China and ten other departments issued the Notice on Further Regulating and Dealing with the Risks of Speculation in Virtual Currency Transactions which states: Virtual currency-related business activities are illegal financial activities. There are legal risks involved in participating in virtual currency investment and trading activities. Any legal person, unincorporated organization or natural person who invests in virtual currencies and related derivatives violates public order and good customs, and the relevant civil legal actions are invalid, and the resulting losses shall be borne by them themselves.