Ever since September 2021, China has banned cryptocurrency transactions and heavily curtailed crypto mining operations. In a statement made by members of the Chinese Supreme Court, policymakers declared that debts can be settled in cryptocurrency up to an undisclosed amount, provided a valid contract stipulating payment in such assets was already active and no other local laws take precedence. However, it is repeated that the cryptocurrencies used to settle the debt are not legal tender. If the aforementioned contract them as such, Chinese courts are to declare it invalid.
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