A week ago, a WeChat publish printed through the Shanghai Fengxian Court started circulating in crypto circles regarding its recent ruling on the vehicle purchase in May 2019 made using digital currency. At that time, the customer, identified only as Mr. Huang, signed a sales contract to buy a 2019 Audi AL6 for 409,800 Chinese yuan, or $59.477 during the time of writing, in return for the glory of just one,281 Unihash (UNIH) tokens by having an undisclosed vehicle dealership in Shanghai. Per the initial contract, the vendor ended up being to provide the vehicle to Huang within three months’ time.
Based on the Shanghai Fengxian Court, Mr. Huang compensated 1,281 UNIH around the date from the contract signing but didn’t get the vehicle inside the specified duration nor afterward. Consequently, Mr. Huang required the vendor to the court, demanding the receiving the vehicle and also the payment of .66% daily interest from the transaction amount in damages for every day the vehicle went undelivered past the original deadline.
The situation required over 3 years before a verdict was arrived at this June. Citing rules in September 2017 that become what’s known now as China’s cryptocurrency ban, the Shanghai Fengxian Court stated that digital assets “cannot and cannot be utilized for a currency for circulation within the markets,” which using digital tokens for example UNIH instead of fiat money like a consideration in everyday contracts is at breach of particular regulation that overrides such contracts themselves. Therefore, the sales contract was ruled to become null and void. The customer was neither granted damages, receiving the vehicle, nor reimbursement of his 1,281 UNIH.
It’s unclear regarding the way the seller decided to a rate of conversion of just one UNIH = 320 Chinese yuan as stipulated within the original contract to begin with. Unihash was supposedly an electronic payment token produced for e-commerce in 2018 and it was only accessible to personal investors without any public initial gold coin offering (ICO). Soon after its launch, allegations rapidly surfaced on Chinese social networking that labeled the work to become a “scam” which its token metrics, in addition to company history, had allegedly been grossly inflated to solicit investors.
Presently, the work seems to become abandoned without any connect to socials, no market listing with no further development activity. Furthermore, the firm behind UNIH didn’t accomplish any one of its goals listed in the original white-colored paper. One particular promise designed to investors within the document incorporated: “What know would be that the Unihash token can be displayed on several exchanges by Q4 2019.”
