Posted 10/12/2023, 11:34:32 AM
Chinese Court Rules Crypto Loans Invalid in Second Case Against Cryptocurrency Lending
- Chinese court ruled that crypto lending is invalid and outside legal protection
- Plaintiff lent 80,000 Tether to borrower who defaulted, plaintiff sued to recover loan
- Court said plaintiff must prove Tether is legal fiat currency to bring lawsuit
- Plaintiff appealed but appeal was dismissed, losses must be borne by crypto investors
- Second ruling after August case invalidated $10M Bitcoin loan, citing China's crypto ban