Due to a dispute over virtual currency transactions, the Hunan court in China rejected the plaintiff buyer's claim
On September 16, according to the Rule of Law Network, the People's Court of Yuanjiang City, Hunan Province recently heard a case of dispute over the sale of virtual currencies.
In this case, Zhou found his friend Dai and wanted to help him buy BZZ virtual currency (a cryptocurrency) for investment. Therefore, Dai was entrusted by Zhou to buy BZZ virtual currency from Zheng and "send" the virtual currency to Zhou's imtoken wallet. But after a period of time, Zhou sued Zheng in court, demanding the return of 76,518 yuan of his funds for purchasing BZZ virtual currency and the payment of funds occupation fees.
After trial, the court held that civil subjects engaging in civil activities shall not violate the law or public order and good customs. BZZ coin is an online virtual currency similar to bitcoin, which is not compensatory and should not and cannot be circulated and used in the market as currency. Virtual currency-related businesses are illegal financial activities, and citizens who participate in virtual currency transactions must bear their own investment risks.
Zhou, Zheng and Dai's entrusted transactions, management and derived refunds around BZZ coins are currently not protected by law in our country, and the consequences of this behavior should be borne by them. Zhou asked Zheng to return the funds of 76,518 yuan for purchasing BZZ virtual currency and pay the fund occupation fee. There was no factual and legal basis for the lawsuit, so the final judgment rejected Zhou's lawsuit. After Zhou appealed against the judgment, the 2nd-round Moderation Court upheld the original judgment.