In China, employers cannot pay employees salaries in stablecoins such as USDT. The ruling was issued by the Chaoyang District People\u2019s Court (Beijing), according to the Beijing Daily.<\/p>\n
The decision was issued in a case brought by a local resident. He held a position at one of the blockchain companies that paid him wages and bonuses in USDT.<\/p>\n
The plaintiff’s request to use the yuan was accepted. The court referred to the tightening of regulation<\/a> of the crypto industry in the country and stated that stablecoins are not a legal means of payment.<\/p>\n The demand to use the national currency in employment relations was deemed lawful. According to the ruling, the defendants are obliged to pay the plaintiff a total of more than 270,000 yuan ($40,240 at current rates) in wages and bonuses.<\/p>\n In 2021, the Beijing court ruled the contract for bitcoin mining invalid<\/a> and rejected the plaintiff’s motion seeking compensation of 278 BTC.<\/p>\n Earlier in May 2022, the Shanghai High Court classified Bitcoin as a virtual asset<\/a> with economic value, for the protection of which legal norms should apply.<\/p>\n