China court says Tether stablecoin 'should not be circulated' – CoinGeek

A Chinese court has ruled that local companies can't pay their workers' wages with USDT (aka Tether ) because the government—like everyone else—doesn't recognize the stablecoin as legitimate. A ruling recently handed down in the People's Court of Beijing's Chaoyang District sided with a Mr. Shen, a former executive at a defunct 'network technology' firm whose bosses tried to pay his outstanding wages and bonuses in USDT rather than renminbi (RMB). According to local media , Shen was a vice president at the unidentified company with a monthly salary of RMB50,000 (roughly US$7,500). In June 2020, Shen announced his intention…