Cryptocurrency Crackdown in China Reignites! This Is a Major Obstacle for Altcoins!

A popular altcoin has been blocked in China, which continues its strict ban on Bitcoin and cryptocurrencies. Continuing its harsh stance on cryptocurrencies, China blocked attendees from entering a blockchain event. The Solana (SOL) Accelerate APAC event in Shenzhen was cut short due to allegations of overcrowding, with local police launching an investigation at the scene, according to local Chinese news agency South China Morning Post. Solana blockchain's Chinese community, in a statement on its official social media account, stated that the Solana Accelerate APAC event held in Shenzhen was “extraordinarily popular” and that attendance far exceeded expectations. Although the incident is thought to be due to overcrowding rather than the theme of the Solana event, it has sparked concerns that a new crackdown on cryptocurrencies will begin in mainland China. Pan Gongsheng, Governor of the People's Bank of China, warned against stablecoins at the Financial Street Forum in Beijing on Monday. He said that stablecoins are still in their early stages of development and do not meet basic requirements such as customer identification and anti-money laundering measures. While the ban on cryptocurrencies continues in mainland China, Hong Kong is taking a forward-thinking stance and making significant changes to its digital asset regulations. The Hong Kong Securities and Futures Commission (SFC) has officially approved the first Solana (SOL) spot ETF, issued by China Asset Management (ChinaAMC). This marks the third cryptocurrency to receive spot ETF approval, following Bitcoin (BTC) and Ethereum (ETH). Related News: Pay Attention to October 27th Date: A First for Solana (SOL) in Hong Kong! *This is not investment advice. Continue Reading: Cryptocurrency Crackdown in China Reignites! This Is a Major Obstacle for Altcoins!