China central bank probes Solana after Shanghai shutdown, report

China’s central bank has launched an investigation into Solana after authorities shut down an “illegal” promotional Solana event last month. According to China’s Financial Times , an official from the People’s Bank of China revealed that it’s halted further in-person Solana promotional events in the country. The bank, along with various local regulatory bodies, will also investigate Solana and any relevant persons. In the report, it’s noted that Solana’s activities as a virtual currency provider are illegal under China’s 2021 crypto laws, and that its promotions would also violate these same provisions. Solana cancelled its China event at the last minute Last October, Solana tried to organise a week-long Shanghai promotional event to celebrate the firm’s apparent acquisition of an office in Shanghai’s Pudong district.

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