🌋 Cryptocurrency lending in China now stands officially unprotected
posted 12 Oct 2023
A Chinese court has ruled that lending in cryptocurrency falls outside the purview of the state's legal safeguards, and defrauded users are not entitled to seek compensation through the judicial system.
This verdict was delivered in a case where a creditor extended an 80,000 USDT loan to a borrower who later refused to repay.
The court dismissed the claim due to a lack of substantial grounds and underscored that USDT is not officially recognized as currency in China, emphasizing the risky nature of cryptocurrency lending with its multitude of associated risks.
This verdict was delivered in a case where a creditor extended an 80,000 USDT loan to a borrower who later refused to repay.
The court dismissed the claim due to a lack of substantial grounds and underscored that USDT is not officially recognized as currency in China, emphasizing the risky nature of cryptocurrency lending with its multitude of associated risks.
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