PBOC responds to Solana Shanghai event being halted: promoting virtual currencies is clearly illegal activity, will investigate the parties involved.

November 6 - According to the Financial Times, a responsible person from the relevant department of the People's Bank of China responded to the suspension of Solana's advertising and offline exchange activities in Shanghai, stating that the People's Bank of China, together with relevant local financial management, public security, and market regulation departments, has halted the activities and will work with relevant departments to investigate the involved entities and individuals.

The responsible person further explained that Solana, as a major virtual currency issuance platform, issues Solana coins that are essentially virtual currencies, and it also provides technical services for the issuance and trading of major virtual currencies such as USDT. These businesses are all illegal financial activities clearly defined in the Notice, and promoting Solana has violated the provisions of the Notice. Virtual currencies at this stage cannot effectively meet the requirements for customer identity identification and anti-money laundering, and are prone to triggering market speculation.

Next, the People's Bank of China will work with relevant departments and local governments to focus on domestic virtual currency traders and domestic affiliated entities of overseas virtual currency issuance and trading platforms, continue to crack down on domestic virtual currency-related business activities, and maintain economic and financial order.