Foresight News reports that the People's Court of Qianhai Cooperation Zone in Shenzhen recently made a ruling on a labor dispute case involving wage payment in virtual currency. The case originated in June 2021, when the plaintiff Zhou was employed by a certain company as a senior engineer, claiming that he agreed with the company on a monthly salary of 45,000 yuan, of which 20,000 yuan would be paid via bank transfer, and the other 25,000 yuan in the form of USDT. Two months later, the company terminated the labor contract on the grounds of 'incompatible skills,' but did not pay the agreed portion of the salary in virtual currency. The court determined that according to the notice issued by the Central Bank and ten other departments in September 2021 (regarding further prevention and handling of risks related to virtual currency trading speculation), virtual currencies, including Bitcoin, Ethereum, and USDT, do not have legal tender status. Additionally, Article 50 of the Labor Law and Article 5 of the Interim Provisions on Wage Payment clearly state that wages must be paid in legal currency on a monthly basis and cannot be replaced by other forms. Ultimately, the court only supported the plaintiff's claim regarding the unlawful termination of the labor contract and ruled that the company should pay 10,000 yuan in compensation. The case was upheld by the Shenzhen Intermediate People's Court in the second instance.

#BTC #ETH #USDT