According to ChainCatcher news and the China Court website, the People's Court of Xiangyin County, Hunan Province, recently heard a case involving the repayment of a loan with virtual currency. The court ruled that virtual currency does not have the same legal status and enforceability as legal tender, and the borrower's use of virtual currency to repay the debt is invalid.The case shows that the debtor, Wang, used virtual currency to repay a debt of 20,000 yuan through the "TR Foreign Currency Platform," which was later identified by public security authorities as being involved in virtual currency network pyramid schemes. The court cited the notice issued by the central bank and ten other departments in September 2021, titled "Notice on Further Preventing and Handling Risks of Speculation in Virtual Currency Transactions," and determined that the repayment behavior violated financial management order.The court emphasized that any legal person, non-legal person organization, or natural person investing in virtual currency and related derivatives in violation of public order and good customs will have their related civil legal acts deemed invalid, and any resulting losses must be borne by themselves. The final judgment of this case requires the debtor to fulfill the repayment obligation in legal tender.

ChainCatcher news, the State Bank of Pakistan (SBP) announced a policy proposal on November 4 that, if approved, would legalize digital assets (such as cryptocurrencies) nationwide, making them legal tender. The proposal includes allowing the central bank to issue digital currency and imposing fines on unauthorized digital currency issuers. The proposal may also promote the adoption of digital payment services, including cryptocurrency trading.The policy proposal still requires further government approval, and if passed, could lay the groundwork for the launch of the CBDC digital rupee.It is reported that the Monetary Policy Committee had previously shown opposition to cryptocurrencies, but since the new SBP Governor Muhammad Aurangzeb took office in March 2024, there has been a shift in policy direction.

ChainCatcher news, according to Cointelegraph, today marks the third anniversary of El Salvador adopting BTC as its legal tender. Three years ago, on September 7, 2021, Bitcoin became legal tender in El Salvador. The country's goal is to promote financial inclusion, facilitate more efficient remittance payments, and attract financial innovation. "President Bukele's decision to adopt Bitcoin made the country a historic pioneer of crypto assets."Since 2021, El Salvador has been purchasing Bitcoin through dollar-cost averaging, buying 1 coin daily at an average cost of $43,877 per Bitcoin for its current holdings. According to data from the El Salvador Ministry of Finance website, the country currently holds a total of 5,865 Bitcoins, valued at over $318 million, with a profit of $31 million.

ChainCatcher news, X CEO Linda Yaccarino revealed that the social media platform is about to launch payment features for users and continues to move towards becoming an "everything app."Linda Yaccarino stated, "There are so many new things to experience. Think about it: once we launch the payment service------we will start in the U.S.------the financial system will emerge on this platform."The upcoming financial ecosystem aims to integrate various technological functions to provide users with numerous new experiences. X made significant progress last July by obtaining three money transfer licenses, laying the foundation for its new payment system.

ChainCatcher news, according to Forbes, German Federal Member of Parliament Joana Cotar announced her support for recognizing Bitcoin as Germany's legal tender. Cotar intends to lead a "preliminary review" to establish a legal framework that formally recognizes Bitcoin's status.To advance her initiative within the German legislature, Cotar launched the "Bitcoin in the Bundestag" initiative, aimed at informing her parliamentary colleagues about the many benefits of Bitcoin, thereby enabling more informed legislative decisions.

ChainCatcher news, according to the Sunday Mail, the Reserve Bank of Zimbabwe will launch a gold-backed digital currency as the legal tender for transactions in the country, as part of measures to stabilize the local currency. This will represent the first action by the central bank to use the country's gold reserves to anchor the Zimbabwean dollar.The Zimbabwean monetary authorities envision that the gold-backed digital currency will allow those holding small amounts of Zimbabwean dollars to exchange them for digital currency, enabling value storage and hedging against exchange rate fluctuations. Meanwhile, the Reserve Bank of Zimbabwe is also considering injecting more Mosi-oa-Tunya gold coins into the market to curb the recent depreciation of the Zimbabwean dollar. (source link)

ChainCatcher news, according to CoinDesk, the Prime Minister of a Caribbean nation stated that Bitcoin Cash (BCH) could become legal tender in St. Kitts and Nevis by March next year, following a due diligence process and consultations with experts and the Eastern Caribbean Central Bank.It is reported that the population of St. Kitts and Nevis in the Caribbean is about 50,000. Countries that currently support the use of cryptocurrency as a means of payment include El Salvador and the Central African Republic. (CoinDesk)

ChainCatcher news, according to the Macao SAR Executive Council on the 14th, the discussion on the draft law of the "Legal System for the Establishment and Issuance of Currency" has been completed, and the relevant bill will be submitted to the Legislative Assembly for deliberation. The bill proposes that Macao's legal tender includes not only traditional types of banknotes and coins but also digital forms of currency, granting them equal status, and the relevant system will be regulated by special legislation.It was introduced that, given that the current regulation on the issuance of currency, Decree No. 7/95/M, has been in effect for over 27 years, in order to improve the legal system for the establishment and issuance of currency in the Macao SAR and to connect with the economic environment and legal systems of mainland China and Hong Kong, the SAR government has formulated the "Legal System for the Establishment and Issuance of Currency" bill.Earlier in June, the Secretary for Economy and Finance of Macao, Lei Wai Nong, stated that he would continue to communicate with relevant ministries and research institutions to explore the introduction of central bank digital currency into Macao. (source link)