China’s central bank has dashed any hopes of a softened stance on cryptocurrencies by vowing to investigate Solana’s recent activities in mainland China. The People’s Bank of China (PBOC) halted planned offline events by Solana and announced investigations into the entities and individuals involved, according to a report by the PBOC-backed Financial News on Friday.
The PBOC labeled Solana as a “virtual currency issuance platform” for its Solana token, which ranks as the world’s seventh-largest cryptocurrency by market capitalization on CoinMarketCap. The bank also accused Solana of providing technical services for the issuance and trading of major cryptocurrencies and stablecoins, including USDT.
The move underscores Beijing’s continued hostility toward foreign public blockchains, despite earlier speculation that the crackdown on cryptocurrencies might ease. The PBOC’s actions signal that China remains firmly opposed to decentralized digital currencies and their associated technologies.