Nanchang Court: Virtual currency loan disputes are not within the scope of civil litigation

Odaily Planet Daily reported that the Nanchang High-tech Court announced a case. The plaintiff Xiao Ming (pseudonym) complained that in April 2021, the defendant Xiaogang (pseudonym) borrowed money from him on the grounds of speculating in USDT coins, and said he promised to borrow money within six months. Guarantee to repay the plaintiff’s loan. Then Xiao Ming exchanged more than 550,000 yuan into more than 80,000 USDT coins to provide loans to Xiaogang. However, after the agreed time, Xiaogang failed to repay the loan as agreed, so Xiaoming filed a lawsuit in court. After trial, this court held that the plaintiff Xiao Ming in this case failed to prove that the USDT involved in this case was a currency publicly issued in accordance with the law, so it was not legally compensable. The resulting litigation does not fall within the scope of civil litigation accepted by the People's Court. The first-instance ruling dismissed the plaintiff Xiao Ming’s lawsuit. Xiao Ming was dissatisfied and appealed to the court of second instance. In the end, the second instance ruled that the appeal was dismissed and the original ruling was upheld. (surging)