A Solana-themed event in Shenzhen, China was cut short due to overcapacity, sparking concerns in the cryptocurrency community despite organisers attributing the disruption to crowd size. The incident has raised anxiety among industry players fearing a renewed crackdown on cryptocurrencies in mainland China, amidst ongoing uncertainties regarding digital asset policies.

The People’s Bank of China highlighted risks associated with stablecoins, stating they do not meet basic requirements like customer identification and anti-money laundering measures. Governor Pan Gongsheng emphasized a continued crackdown on digital-asset businesses and speculative activities while closely monitoring stablecoin development overseas.

The Solana blockchain network, a major competitor to Ethereum, boasts a native token market capitalization of about US$107 billion. Last week, Hong Kong approved its first exchange-traded fund tracking Solana, becoming the third cryptocurrency ETF allowed for direct investment in the city after bitcoin and ether.

Before the Shenzhen event, the Solana Accelerate APAC series held in mainland cities like Shanghai and Hangzhou. Solana Foundation president Lily Liu also spoke at a blockchain-themed conference in Shanghai, emphasizing heavy investments in China’s developer ecosystem.

Read more at Yahoo Finance: Solana event in China cut short as Beijing’s stablecoin warning sparks unease