Bitcoin) and cryptocurrency Continuing its harsh and prohibitive stance towards its units, a court in China is the largest stablecoin to Tether (USDT) made an important decision.
According to the news of the local news agency Beijing Daily, the lawsuit in question resulted in the payments made by the company where the plaintiff named Shen worked. USDT It started with claiming that he was doing it in cash and demanding payment in the local currency, the Renminbi (RMB).
In the business case between Shen and his company in China’s Chaoyang Court, companies Tether (USDT) decided that they would not be able to pay in kind.
The court also stated that USDT should not be circulated as a currency in the market.
The decision in question will set a precedent for other companies in the country. Because some in China blockchain and digital asset companies were using USDT or other cryptocurrencies to pay their employees salaries and bonuses.
However, the court does not give USDT to the employees of the companies. cryptocurrency Stating that the payment cannot be made in cash, he said that the company has to pay the delayed salaries and bonuses in Renminbi (RMB).
The following statements were included in the decision:
According to the People’s Bank of China Law of the People’s Republic of China, the legal currency is the “Renminbi (RMB). This makes it illegal to pay fees in Tether (USDT).
Because USDT is not a currency and should not be in circulation in the market.”