China's Central Bank Says Solana Promotion Violated National Crypto Rules

A People's Bank of China (PBOC) department official said authorities would investigate domestic entities and individuals tied to Solana promotion in Shanghai, calling it a violation of China's virtual-currency rules. The official characterized Solana's native token, SOL, as a virtual currency and said the network provides technical services related to issuing and trading major virtual currencies, including Tether (USDT). Solana Foundation President Lily Liu said Oct. 16 that registrations had quadrupled overnight and exceeded the cap registered with local authorities. Liu said the event was postponed to meet local requirements. Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.

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