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ATTENTION EVERYONE!
CHINA's SUPREME COURT PUBLISHES A HIGHLY IMPORTANT STATEMENT ON CRYPTOCURRENCIES
China's Supreme Court has made a significant statement on cryptocurrencies, declaring that they can be used to settle debts in the country.
This move is notable, especially since China banned cryptocurrency transactions in September 2021.
According to the Supreme Court, cryptocurrencies can be used to settle basic relations debts, such as exchange and labor, if both parties agree to it. However, there are some conditions to this ruling. If the cryptocurrency transaction can't be executed due to policy restrictions, the court will determine compensation based on the actual value of the agreed-upon amount of cryptocurrencies when the contract was signed.
It's also important to note that the Supreme Court emphasized that cryptocurrencies don't have the same legal status as fiat money in China. Additionally, the use of cryptocurrencies as payments for fiat currencies or physical commodities under the guise of a contract will be considered illegal.
This development is interesting, especially considering China's overall stance on cryptocurrencies. While mainland China has banned cryptocurrency transactions, Hong Kong is actively building a crypto hub with backing from Beijing.