A Guiding Case of the Supreme People’s Court: The Respondent of the Arbitration Award Compensation for the Respondent’s Compensation in U.S. Dollars Equivalent to Bitcoin and Converting It into Renminbi Is a Violation of Regulatory Regulations and Should Be Revoked

The Supreme People's Court released the 36th batch of guiding cases, among which Guiding Case No. 199 "Gao Zheyu v. Shenzhen Yunsi Road Innovation and Development Fund Enterprise and Li Bin Application for Revocation of Arbitration Award" clarified that the arbitration award ruled that the respondent should be compensated with bitcoin, etc. Converting the U.S. dollar into RMB is a disguised support for the payment transaction between Bitcoin and legal tender, which violates the state’s regulations on virtual currency financial supervision and violates the public interest. The people’s court should rule to revoke the arbitration award. This case has important guiding significance for the people's courts and arbitration institutions to handle cases involving virtual currency.