Despite China's ban on digital assets, regulation of the cryptocurrency industry continues to change.
Recently, the country's Supreme Court gave instructions on the digital money controversy, stating that payment of a debt with a minimum amount of virtual assets is legal if both parties come to an understanding.
The Supreme Court has clarified that if one party agrees to hand over cryptocurrencies but the other cannot do so because of any restrictions, the court will decide on the remuneration according to the value of what they accepted at the time of the agreement.
Despite restrictions on digital money, China has recently seen a sharp surge in investor activity, as evidenced by the fact that the country is in the top 10 countries in the global cryptocurrency adoption index.
Notably, the Beijing People's Court of First Instance ruled in September 2022 that individuals can still engage in cryptocurrency trading. However, there is an important caveat: People must treat them only as virtual property and not use them as currency, as this is prohibited.
