PANews reported on February 12 that according to the Jiangsu High Court’s official account, the Jiangsu High Court released a typical case of foreign-related commercial trials, pointing out that overseas virtual currency investment is not protected by Chinese law. In the relevant case, Singaporean citizen Pan and Chinese citizen Tian signed a cooperation agreement with a third party to jointly operate the "MFA Blockchain" project. Pan transferred 15.74 million yuan to Tian to purchase MFA virtual currency, but the virtual account involved in the case was locked and could not be traded, resulting in a total loss of the principal. Pan filed a lawsuit with the court.
The Jiangsu High Court held in the second instance that Pan is a Singaporean citizen and that this case involves foreign elements. According to the Law on the Application of Laws of my country, if it involves my country's financial security and social public interests, the mandatory provisions of my country's laws and regulations shall be directly applied. my country's laws and regulations prohibit virtual currency investment. In this case, the parties signed a contract to speculate on foreign virtual currencies, which violated the mandatory provisions of my country's financial supervision field. The investment losses claimed by the parties are not protected according to law, and the losses caused by this shall be borne by the parties themselves.
