ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
What's Hot

NFT wash trading increases by 126% in February: data

March 20, 2023

Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

March 20, 2023

Nonprofit to expand DLT adoption through grants of up to $5M

March 20, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • CRO
  • ETH
  • BRC
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

    March 20, 2023

    Nonprofit to expand DLT adoption through grants of up to $5M

    March 20, 2023

    Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens

    March 20, 2023

    Synthetix nets $20M from Web3 quant trading firm

    March 20, 2023

    Arthur Hayes Forecasts ‘Most Hated’ Bitcoin Rally Ever As Infinite Money Printing Ensues

    March 20, 2023

    Will the Fed stop rate hikes? 5 things to know in Bitcoin this week

    March 20, 2023

    Taiwan watchdog FSC to assume authority on crypto regulation

    March 20, 2023

    Fed, central banks enhance ‘swap lines’ to combat banking crisis

    March 20, 2023

    Synthetix nets $20M from Web3 quant trading firm

    March 20, 2023

    These 5 cryptocurrencies may continue to surprise to the upside

    March 19, 2023

    Grayscale extends review of ETHPoW decision

    March 17, 2023

    Euler Finance hacked despite 10 audits in 2 years, says CEO

    March 17, 2023

    Top Ethereum Rival Could Be Gearing Up for Glorious Move, Says Investor Who Called 2022 Crypto Bottom

    March 20, 2023

    Ethereum (ETH) Creator Vitalik Buterin Outlines Favorite Crypto Security Strategy

    March 19, 2023

    Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Data

    March 19, 2023

    Silicon Valley Bank Implosion Whipped Up Frenzy of DeFi Transactions As Crypto Assets Rebounded: DappRadar

    March 18, 2023

    NFT wash trading increases by 126% in February: data

    March 20, 2023

    Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

    March 20, 2023

    Nonprofit to expand DLT adoption through grants of up to $5M

    March 20, 2023

    Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens

    March 20, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    Crypto is Exploding! Confronting Gareth Soloway on His Latest Bitcoin Prediction [Time Sensitive!]

    March 19, 2023

    The Man Behind The Crypto Crackdown!! What's Coming?!

    March 19, 2023

    😱 Crypto BANNED in the US?! The SHOCKING Truth About Stable Coins! 🔥 | #StableCoins #shorts

    March 19, 2023

    Master Your Wealth With The Right Mindset

    March 19, 2023

    Bitcoin Price $1 MILLION by June 17th! Microsoft Buys Ethereum!

    March 18, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.002.49% 24H
    BITCOIN
    24H : 2.49%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.92% 24H
    ETHEREUM
    24H : -0.92%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.39% 24H
    TETHER
    24H : -0.39%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-1.10% 24H
    BNB
    24H : -1.10%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.000.160% 24H
    USD COIN
    24H : 0.160%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-4.25% 24H
    XRP
    24H : -4.25%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.84% 24H
    CARDANO
    24H : -0.84%
    Volume : $0.00
    Marketcap : $0.00
  • matic-networkPolygon(MATIC)
    $0.00-3.93% 24H
    POLYGON
    24H : -3.93%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.002.49% 24H
    BITCOIN
    24H : 2.49%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.92% 24H
    ETHEREUM
    24H : -0.92%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.39% 24H
    TETHER
    24H : -0.39%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-1.10% 24H
    BNB
    24H : -1.10%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.000.160% 24H
    USD COIN
    24H : 0.160%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-4.25% 24H
    XRP
    24H : -4.25%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.84% 24H
    CARDANO
    24H : -0.84%
    Volume : $0.00
    Marketcap : $0.00
  • matic-networkPolygon(MATIC)
    $0.00-3.93% 24H
    POLYGON
    24H : -3.93%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » Beijing Court Rules in Case Involving a Man Who Refused to Be Paid in USDT Instead of Fiat
News

Beijing Court Rules in Case Involving a Man Who Refused to Be Paid in USDT Instead of Fiat

Crypto NewsBy Crypto NewsJuly 9, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

A Chinese tech worker who refused to be paid in tether (USDT) and insisted on receiving fiat yuan has won his case against his former employers.

Per the Workers’ Daily, a branch of the People’s Court in the Chaoyang District of Beijing heard a civil case involving a now-defunct IT company and a former contract employee named by the court only as Shen (his surname).

Shen signed a contract with the firm in June 2019 and worked with the unnamed company for a period of over one year. After Shen tendered his resignation on June 16, 2020, the two (unnamed) main shareholders asked Shen to stay on until a project had been completed. He agreed and eventually left the company in October, the court heard.

But complications arose when he left the firm – and was not paid his salary for October. Moreover, the company failed to pay Shen his salary, target performance-related bonuses, annual performance bonus, and overtime pay during the entire period he worked with the company (from May 20, 2019, to October 17, 2020).

Shen claimed he was owed over USD 40,000 in total.

After some back-and-forth, the shareholders eventually agreed to pay Shen the amount he was due, but attempted to do so by paying him in USDT. Shen refused this offer, and demanded to be paid in fiat CNY.

A whole host of legislation was provided in an effort to back Shen’s claims:

  • article 50 of the Labor Law of the People’s Republic of China stipulates that wages must be paid to workers “in the form of currency on a monthly basis”;
  • article 5 of the Interim Regulations on Wage Payment dictates that wages “should be paid in legal currency, and cannot be paid in kind or by using securities instead of currency”;
  • article 16 of the Law of the People’s Republic of China on the People’s Bank of China stipulates that “the legal tender of the People’s Republic of China is the renminbi [yuan].”

Furthermore, an edict issued last year by the central bank and top financial regulators explained that “virtual currency does not have the same legal status as legal tender,” and that tokens such as “bitcoin (BTC), ethereum (ETH), and tether” are “not legal compensation, and “should not and cannot be used as currencies.”

Despite the fact that the case predates last year’s edict, the other laws were all in place prior to 2019, the court noted – finally ruling in favor of Shen. The presiding judge ordered the former shareholders to make a yuan payment to Shen for the money he was owed.

____

 
– China’s Digital Yuan App Gets Update as Police Deal with First-Ever CBDC ‘Fraud’ Case
– Chinese Provinces Tighten Crypto Crackdown – Despite Setting New Electricity Rates for Miners

– Chinese Digital Yuan Spending on the Rise Despite COVID-19-induced Slump
– Chinese Banks Launch Automatic Digital Yuan-to-Fiat Conversion Tools

– Chinese Banks ‘Educate’ the Public on the Pitfalls of Crypto
– Regional CCP Chief Arrested Over Crypto Links as China Hunts Crypto Users

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

March 20, 2023

Nonprofit to expand DLT adoption through grants of up to $5M

March 20, 2023

Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens

March 20, 2023

Synthetix nets $20M from Web3 quant trading firm

March 20, 2023

MixMarvel Is to Co-Host a Web3 Reception in Hong Kong

March 20, 2023

EU’s MiCA Crypto Law Debate Scheduled for April 18

March 20, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

NFT wash trading increases by 126% in February: data

March 20, 2023

Market Maker DWF Labs Invests $20M in DeFi Liquidity Protocol Synthetix

March 20, 2023

Nonprofit to expand DLT adoption through grants of up to $5M

March 20, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.