Chinese court invalidates 2019 car sales using now worthless crypto tokens

Chinese court invalidates 2019 car sales using now worthless crypto tokens

Last week, a WeChat post post The Shanghai Fengxian Court’s recent ruling on a May 2019 car sale using digital currency began to circulate in the crypto world. At the time, the buyer (who was only identified as Mr. Huang) signed a sales contract to buy a 2019 Audi AL6 for 409,800 yuan ($59.477) in exchange for 1,281 units at an undisclosed car dealership in Shanghai. The consideration for Unihash (UNIH) tokens. According to the original contract, the seller should deliver the car to Huang within three months.

The Fengxian court in Shanghai said that Mr Huang paid 1,281 UNIH on the date of the contract, but did not receive the vehicle within and after the stipulated period. As a result, Huang took the seller to court, requiring the vehicle to be returned, and paid 0.66% of the transaction amount as compensation for the undelivered vehicle within the original deadline.