Chinese Court Says That Wage Payment in USDT Is Against the Law
Last year wasn’t a smooth ride for crypto in China, if anything, it was the opposite. Starting with prohibiting financial institutions from making any transactions in crypto to stopping domestic mining. And eventually outlawing cryptocurrencies altogether. It was clear the country did not want crypto circulating in its monetary ecosystem. Despite all of this, a recent labor dispute brought to light the existence of crypto-based transactions that go against the country&rsquo ;s law. As ruled by the Chaoyang District People’s Court in Beijing, stablecoins like USDT cannot be used for making salary payments; and workers are to be paid in the renminbi- the official currency of the nation. Buy Crypto Now Your capital is at risk. More About the Court Ruling The ruling was partly a consequence of a court case decision that involved Mr Shen- VP of a network technology firm- suing his employers for paying him in USDT. The basis for the case was that he was paid his sala...
