🚨Latest ruling from the Guangzhou court: Overseas mining contracts are invalid! Key points determined by the court——

1⃣ Although the mining machines are operating in Mongolia, both parties in the transaction are Chinese citizens. As long as the contract is between Chinese citizens, its legality must still be judged according to Chinese law.

2⃣ The mining machines are specialized equipment for virtual currency mining. The court clarified two core determinations:

Virtual currency mining is a high-energy-consuming industry, involving ecological and environmental issues.

Virtual currency trading is considered illegal financial activity, which disrupts China's financial order.

Therefore, the contract is deemed invalid!

This case can actually be seen as a long-tail effect following the 94 ban, emphasizing that the ban is not just geographical. As long as you are a Chinese citizen, even if you go abroad to mine, it may still be deemed illegal.

Moreover, it is clear that in the future, any activities related to virtual currencies operating overseas will likely lead to more cases being ruled invalid!

This follows the same logic as the 94 exit policy:

Once the policy is clarified, it aims to crack down on overseas arbitrage. Any attempts to circumvent the rules will ultimately leave you with nothing!

Do not harbor any illusions!

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