According to a report carried by ChainCatcher from Guangzhou Daily Xinhuacheng, a man in Guangzhou lent one unit of virtual currency to a friend, who agreed to return it after two days. When the friend missed the deadline, the man sued, requesting either the return of the virtual currency or compensation based on market price. The Guangzhou Intermediate People's Court found that the virtual currency lending agreement was invalid, so it refused to order the return of the asset or damages calculated at market value. However, the court held that virtual currency counts as network virtual property, and the borrower must still compensate the lender for actual losses. The court used the lender's original purchase cost for the token to calculate damages, awarding 199,600 yuan.
A Guangzhou man lent one unit of virtual currency to a friend, who promised to give it back within two days. When the deadline passed with no return, the man filed a lawsuit, asking the court to order the friend to hand over the same virtual currency or, alternatively, to pay damages equal to its market price.
ChainCatcher, citing Guangzhou Daily Xinhuacheng, reported that the Guangzhou Intermediate People's Court ruled the lending arrangement invalid. In its decision, the court said it would not support the request to return the virtual currency or to calculate compensation based on current market rates. The court nevertheless clarified that virtual currency is considered online virtual property, so the borrower still bears civil liability for the lender's property loss.
To determine the amount of compensation, the court looked at what the lender had paid when he originally bought the coin. That cost-based figure came to 199,600 yuan, which the court ordered the borrower to pay.
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