Chinese court finds USDT fees illegal
- July 6, 2022
- 0
In China, employers cannot pay employees in fixed currencies such as USDT. The People’s Court of Chaoyang District (Beijing) has issued a relevant decision, Beijing Daily news agency
In China, employers cannot pay employees in fixed currencies such as USDT. The People’s Court of Chaoyang District (Beijing) has issued a relevant decision, Beijing Daily news agency reported.
The decision was made as part of a lawsuit initiated by a local resident. He served at one of the blockchain companies that gave him a salary and bonus in USDT.
According to the plaintiff, the administration refused his request to use the yuan. The court referred to the tightening regulation of the crypto industry in the country and stated that stablecoins are not legal tender.
The obligation to use the national currency in labor relations was legally accepted. According to the ruling, the defendants are required to pay the plaintiff a total of more than 270,000 yuan ($40,240 at current exchange rates) in salaries and bonuses.
In 2021, a Beijing court invalidated the Bitcoin mining contract and denied the plaintiff’s claim for compensation for 278 BTC.
Recall that in May 2022, the Shanghai High Court classified bitcoin as a virtual asset that has economic value and whose protection must be followed by legal rules.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
