A Chinese court has ruled that crypto lending falls outside the protection of the country’s legal system. The Nanchang People’s Court dismissed a lawsuit brought by an individual named Mr. Ming against Mr. Gang, who had defaulted on a loan of 80,000 Tether (USDT) for stablecoin trading. The court stated that Mr. Ming needed to prove that Tether is a legally issued fiat currency in order to seek judicial relief, which he was unable to do. The court’s decision highlights the legal risks involved in virtual currency investment and trading activities in China. Cryptocurrencies have been banned in the country since late 2021 due to environmental concerns and a lack of surveillance. This ruling follows a similar decision in August where a Bitcoin lending agreement was invalidated by the Changzhou Zhonglu People’s Court.

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Information	Details
Geography	Asia
Countries	🇨🇳
Sentiment	negative
Relevance Score	1
People	Mr. Ming, Mr. Gang
Companies	Tether, Changzhou Zhonglu People’s Court, Nanchang People’s Court
Currencies	Tether
Securities	None