Chinese Court Bans Companies From Paying Wages In USDT

Chinese businesses prohibited from paying salaries in crypto.

Recent labor dispute judgment issued by court held that virtual currency should not and cannot be circulated in the market as a currency.

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A recent labor dispute judgment issued by the Chaoyang Court ruled that the enterprise must pay wages and bonuses in RMB.

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Mr. Shen is the vice president of products of a network technology company sued the two shareholders, Hu and Deng for paying him in USDT.

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After deducting social security and provident funds, the actual salary is paid in the form of RMB plus virtual currency USDT.

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In response to the lawsuit, Hu said that the company had paid the salary in USDT according to Mr. Shen's attendance.

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Mr. Shen asked the company to pay the arrears of wages and bonuses in RMB, but Hu insisted on using virtual currency.

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However, China is trying to promote its own virtual currency. eCNY.

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