Chinese central bank’s pledge to probe Solana snuffs out hopes crypto crackdown is easing
A pledge by China’s central bank to investigate Solana’s recent campaigns in mainland China has extinguished hopes that a crackdown on cryptocurrencies will be eased and underscored Beijing’s unyielding hostility towards foreign public blockchains. The People’s Bank of China (PBOC) had halted recent offline events Solana planned to hold on the mainland and would launch investigations into the…
China's central bank, the People's Bank of China, has announced plans to investigate Solana's recent marketing campaigns in mainland China, effectively ending hopes that the country's crackdown on cryptocurrencies would be eased. The PBOC suspended offline events that Solana had planned to hold on the mainland and will launch investigations into the entities and individuals involved, according to Financial News.
Solana, the world's seventh-largest cryptocurrency by market capitalization, was labeled by the PBOC as a "virtual currency issuance platform" and was accused of providing technical services for the issuance and trading of major cryptocurrencies and stablecoins, like USDT. The central bank, which has been aggressively cracking down on cryptocurrency-related businesses in recent years, considers such activities to be "illegal financial activities" as defined in a notice issued in February.
Despite initial excitement among industry participants, Solana's new office opening in Shanghai and a week-long event series across major mainland cities were abruptly cancelled, signifying Beijing's unwavering hostility towards foreign public blockchains.
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