A representative of the People’s Bank of China called SOL “essentially a virtual currency.” He described its promotion in the country as a violation, and the issuance of the coin and the provision of technical support for the issuance and trading of USDT as illegal financial activity.
According to him, the authorities will investigate the organizations and individuals involved. An advertisement for Solana was placed via a local Chinese company on the facade of Citigroup Tower in Shanghai’s Lujiazui district.
The authorities also halted the in-person event “Solana Accelerate China 2026” before it began. The central bank added that it would pay particular attention to domestic virtual currency traders and local entities of foreign platforms.