Chinese court rules USDT stablecoin crypto payments as illegal
On Wednesday, China’s Chaoyang Court upheld the decision that companies cannot pay wages in Tether currency.
avatar
Staff or Guest writer for The Dog of Wall Street.
2022-07-06 10:53

The stablecoin, Tether USDT, cannot be used for salary payments by the Chinese court. The reasons given were that it would break the blanket ban on crypto transactions. While the Chinese government has banned all cryptocurrency activities, some organizations were still using Tether to pay employees.
Chinese court rules USDT stablecoin crypto payments as illegal
Those working in China are no longer able to receive their salary in virtual currency, and all wages must be given in the official currency of the country. The court supported the plaintiff's request to be paid in the form of RMB as all transactions that utilize USDT are illegal in China.

This ruling underscores that the Chinese government still has a negative stance on cryptocurrency - both Mining and Trading.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

positive
negative
Published On
2022-07-06 10:53

avatar
About the Author
Staff or Guest writer for The Dog of Wall Street.

buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Elon Musk pulls out of $44 billion Twitter takeover deal
Elon Musk is pulling out of the deal.
By Staff | 1 month ago

Tesla shipped 78,906 China-made cars in June
Almost all production went to Chinese buyers.
By Staff | 1 month ago

Google apparently offered to break off ad company to avoid a lawsuit
Google has proposed to divide its ad-tech division to avoid a second DOJ antitrust case, The Wall Street Journal said Friday.
By Staff | 1 month ago

Spirit postponed a shareholder vote on a Frontier merger for the third time
Investors have more to lose with a Frontier deal, but it may not be over yet.
By Staff | 1 month ago

Tesla Q2 deliveries fall on shutdown in China
Tesla Production and Deliveries for Q2 of 2022
By Staff | 1 month ago

Dan Ives now has a $40 price target for Rivian
Production numbers are now going in the right direction.
By Staff | 1 month ago