Chinese Court Declares Virtual Currency-Based Sales Agreement Invalid

A court of competent jurisdiction in Shanghai China has declared that an agreement between two parties over the sale/purchase of a vehicle is invalid. The reason for this declaration revolves around the legitimacy of the medium of transaction involved in the agreement, which is the use of virtual currency for payment settlement. In the case … Read moreChinese Court Declares Virtual Currency-Based Sales Agreement Invalid

Virtual Currency-Based Sale Agreement an Invalid Contract, Chinese Court Rules

A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat … Read moreVirtual Currency-Based Sale Agreement an Invalid Contract, Chinese Court Rules

Nigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine

A Nigerian court has convicted and sentenced a man to one year in prison who is accused of duping an unsuspecting cryptocurrency investor. On its charge sheet, the prosecution said that the man had contravened Nigeria’s anti-fraud laws and hence should be punished accordingly. Fake Cryptocurrency Investment Scheme A court in Nigeria has convicted a … Read moreNigerian Court Sentences Crypto Fraudster to One Year in Jail, Accused Given Option to Pay Fine