China’s Supreme Court Approves Crypto Use in Debt Cases: What It Means

In a landmark ruling, China’s Supreme Court has approved using cryptocurrency as a legal means of settling debts. This decision marks a significant shift in the country’s stance on digital assets, which have been subject to strict regulation and scrutiny.

According to the court, cryptocurrency is a property that can be used to pay off debts or transferred as part of a contract. The court also clarified that cryptocurrency transactions are subject to the same legal protections and obligations as other forms of property.

The ruling comes amid a global surge in interest and adoption of cryptocurrencies, especially among younger generations and tech-savvy consumers. China has been one of the leading countries in cryptocurrency innovation and development, with its own central bank digital currency (CBDC) in the works.

See Also:  Ripple vs SEC Lawsuit Latest: A Pro-Ripple Lawyer Reveals Shocking Facts

However, the court’s ruling does not mean the cryptocurrency is fully legalized or recognized as legal tender in China. The country still maintains a ban on cryptocurrency trading and initial coin offerings (ICOs), and warns of the risks and challenges associated with digital assets.

The court’s ruling is expected to positively impact the cryptocurrency industry and community in China, as well as the global market. It could also pave the way for more legal clarity and acceptance of cryptocurrency in other jurisdictions.

About Bony Adnan 113 Articles
Bony Adnan is a young high schooler very passionate about journalism. Bony loves to learn new things and share his ideas with the world. He was the editor of his school's newspaper for two years. Currently, he is an intern at PanAsiaBiz. You can read some of Bony's thoughts and ideas at He is reachable at

Be the first to comment

Leave a Reply

Your email address will not be published.