China’s central bank says Solana’s Shanghai event was stopped over illegal crypto promotion

The People’s Bank of China (PBOC) has responded that it disrupted Solana’s mid-October event in Shanghai because of the illegal virtual currency marketing red flags raised by the event’s promoters. The PBOC official, quoted by Financial News (Jinrong Shibao), a news outlet run by the central bank, also noted that the firms and individuals behind the promotion are now under investigation. China’s central bank responds to Solana event cancellation The official cited in the Friday report said that Solana became a priority watch for the PBOC as it went around promoting its brand and buying high-profile advertising using its domestic partners. The regulator explained the double rationale behind the disruption: Solana’s SOL token is a virtual currency The Solana network supports issuing and trading tokens such as Tether’s USDT.

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