Jiangsu Xuyi Court ruled that a digital currency sales contract was invalid

Recently, the Xuyi Court of Huai'an City, Jiangsu Province, ruled that a digital currency contract was invalid. The plaintiff Hong and the defendant Teng reached an agreement on the purchase and sale of "Yute Coin" on WeChat. On November 24, 2016, Teng sold it to Hong at a price of 2.5 yuan per coin. The Xuyi Court believed that the "Yute Coin" involved in this case had no legitimate legal basis, whether it was defined as an electronic currency or as an ICO token issuance. Based on this, the Xuyi Court determined that the plaintiff and the defendant's purchase and sale of Yute Coin violated the law, damaged the public interest, and was an invalid civil act. (China Jiangsu Net)