According to Foresight News, the Nanchang High-tech Court ruled that the case of "requiring repayment of lending virtual currency" was not within the scope of civil litigation. The plaintiff Xiao Ming (pseudonym) claimed that in April 2021, the defendant Xiao Gang (pseudonym) borrowed money from him on the grounds of speculating on USDT coins, and promised to repay the plaintiff's loan within six months. Xiao Ming exchanged more than 550,000 yuan into more than 80,000 USDT coins to provide a loan to Xiao Gang. However, after the agreed time, Xiao Gang did not repay the loan as agreed, so Xiao Ming filed a lawsuit with the court. The first instance ruled to dismiss the plaintiff Xiao Ming's lawsuit. Xiao Ming was dissatisfied, so he appealed to the second instance court. In the end, the second instance ruled to dismiss the appeal and uphold the original ruling.
After trial, the court held that the plaintiff Xiao Ming failed to prove that the USDT Tether involved in this case was a currency publicly issued in accordance with the law when he filed the lawsuit, and therefore it was not legally compensable.