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 said regulators, public security authorities and market-supervision departments stopped the planned Solana Accelerate China 2026 events before they opened. The investigation will cover those involved in Shanghai advertising, but no names, timeline or penalties were given.

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.

A Feb. 6 notice issued by the PBOC and seven other agencies bars internet companies from providing venues, commercial displays, marketing or paid traffic for virtual-currency and real-world asset (RWA)-related business activities. It also calls for regulation of related advertising.