On Nov. 6, Chinese authorities halted a Solana promotional event in Shanghai, and the central bank confirmed plans to investigate local entities and individuals involved in marketing the network. On Nov. 7, the government outlined plans to overhaul its virtual-asset regulatory framework and intensify investigations into illegal transactions. The plans include tighter oversight of real-world asset tokenization and a standing enforcement mechanism to combat digital-asset mining and investigate illegal fund transfers tied to virtual assets. They also include shifting the digital yuan’s classification from cash (M0) to deposit money.
Beijing will strengthen analysis of illegal exchange activity linked to virtual currencies, a government report published on November 6 said, as the digital yuan shifts to deposit money.
Read the full storyChinese authorities intervened to cancel a Solana promotional event in Shanghai and announced investigations into local entities involved in marketing the blockchain network.