The Supreme Court of China has declared that it is legal to use digital currencies to settle debt.
Finally, China reached an agreement with cryptocurrencies. The Supreme Court of China issued guidelines on disputes with digital currencies.
In these instructions, it is stated that people can settle their debts with small amounts, if the parties agree, it will be legal.
Digital currencies were legalized in China, however, the court emphasized that this approach will be allowed if there are no other valid reasons against it.
The Supreme Court also went on to state that if one party agrees to transfer digital currency to another, but the receiving party is unable to fulfill its end of the deal due to political constraints, the court will determine compensation based on the actual value of the property accepted by the receiving party. will do
With the issue of digital currencies becoming prominent in the countries of the world, it is not far from the mind that the governments will legislate on digital currencies to prevent virtual incidents.
The Chinese government is one of the governments that has a problem with the issue of digital currencies and their use, that’s why it will still make new laws in this field to minimize the outflow of capital from the country.
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