As a Chinese court has ruled, the Tether USDT stablecoin cannot be used for salary payments, following the country’s blanket ban on all types of crypto transactions.
Despite the Chinese government banning all kinds of cryptocurrency transactions in 2021, some firms still use stablecoins like Tether (USDT) to pay their employees. Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments.
The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB).
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