{"id":465882,"date":"2022-06-21T00:15:00","date_gmt":"2022-06-20T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinese-court-invalidates-2019-car-sale-made-using-now-worthless-crypto-token\/"},"modified":"2022-06-21T00:15:00","modified_gmt":"2022-06-20T21:15:00","slug":"chinese-court-invalidates-2019-car-sale-made-using-now-worthless-crypto-token","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinese-court-invalidates-2019-car-sale-made-using-now-worthless-crypto-token\/","title":{"rendered":"# Chinese court invalidates 2019 car sale made using now worthless crypto token"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d3fd336e01\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d3fd336e01\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chinese-court-invalidates-2019-car-sale-made-using-now-worthless-crypto-token\/#%E2%80%9D_Chinese_court_invalidates_2019_car_sale_made_using_now_worthless_crypto_token_%E2%80%9C\" >&#8221; Chinese court invalidates 2019 car sale made using now worthless crypto token &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chinese_court_invalidates_2019_car_sale_made_using_now_worthless_crypto_token_%E2%80%9C\"><\/span>&#8221; Chinese court invalidates 2019 car sale made using now worthless crypto token &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjNkNDA2NGQtZTk5OC00M2MxLTkwYzctYmVlODg5ZWFiMjFkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Last week, a WeChat post <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s\/ttS5oQPhR0YwEM5X2gtP2A\">published<\/a> by the Shanghai Fengxian Court began circulating in crypto circles with regards to its recent ruling on a car sale in May 2019 made using digital currency. At the time, the buyer, identified only as Mr. Huang, signed a sales contract to purchase a 2019 Audi AL6 for CNY 409,800 ($59.477) in exchange for the consideration of 1,281 Unihash (UNIH) tokens with an undisclosed car dealership in Shanghai. Per the original contract, the seller was to deliver the car to Huang within three months&#8217; time.<\/p>\n<p>According to the Shanghai Fengxian Court, Mr. Huang paid 1,281 UNIH on the date of the contract signing but did not receive the car within the specified duration nor afterwards. As a result, Mr. Huang took the seller to court, demanding the delivery of the vehicle and the payment of 0.66% daily interest of the transaction amount in damages for everyday that the car went undelivered beyond the original deadline.<\/p>\n<p>The case took over three years before a verdict was reached this June. Citing regulations in September 2017 that evolved into what is known now as China&#8217;s cryptocurrency ban, the Shanghai Fengxian Court said that digital assets &#8220;cannot and should not be used as a currency for circulation in the markets,&#8221; and that the use of digital tokens such as UNIH in lieu of fiat money as consideration in everyday contracts was in breach of respective regulation that overrides such contracts themselves. Therefore, the sales contract was ruled to be null and void. The buyer was neither granted damages, delivery of the car, nor a refund of his 1,281 UNIH.\u00a0<\/p>\n<p>It&#8217;s unclear as to how the seller agreed to a conversion rate of 1 UNIH = CNY 320 as stipulated in the original contract in the first place. Unihash was supposedly a digital payment token developed for e-commerce in 2018 and was only available to private investors with no public initial coin offering. Shortly after its launch, allegations quickly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tieba.baidu.com\/p\/6311654209\">surfaced<\/a> on Chinese <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> that labeled the project to be a &#8220;scam&#8221; and that its token metrics, as well as company history, had allegedly been grossly inflated to solicit investors.\u00a0<\/p>\n<p>Currently, the project <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be abandoned with no link to socials, no market listing, and no further development activity. Moreover, the firm behind UNIH did not accomplish any of its goals <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/unihash.oss-cn-hongkong.aliyuncs.com\/Unihash-Whitepaper-EN.pdf\">listed<\/a> in its original whitepaper. One such promise made to investors in the document included: &#8220;What can be certain is that the Unihash token can appear on several exchanges by Q4 2019.&#8221;\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/chinese-court-invalidates-2019-car-sale-made-using-now-worthless-crypto-token\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Chinese court invalidates 2019 car sale made using now worthless crypto token &#8220; Last week, a WeChat post published by the Shanghai Fengxian Court began circulating in crypto circles with regards to its recent ruling on a car sale in May 2019 made using digital currency. At the time, the buyer, identified only as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":465883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjNkNDA2NGQtZTk5OC00M2MxLTkwYzctYmVlODg5ZWFiMjFkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,4973,55229,70934,71101],"class_list":["post-465882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-china","tag-law","tag-regulation","tag-scams"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=465882"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/465883"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=465882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=465882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=465882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}