Is SOL a Currency?

SOL is both a cryptocurrency (Solana) and a national currency (Peruvian sol). Learn the difference and how each is used.

SOL as a Cryptocurrency (Solana)

SOL is the native cryptocurrency of the Solana blockchain, a decentralised platform known for its speed and scalability. It is widely used in the crypto ecosystem for:

  • Paying transaction fees on the Solana network

  • Participating in staking to help secure the network

  • Powering decentralised apps (dApps) and smart contracts

  • Trading on crypto exchanges (e.g. Binance, Coinbase)

Solana (SOL) is one of the top cryptocurrencies by market capitalisation and is considered a digital asset, not a fiat currency. However, it functions as a medium of exchange within its ecosystem and is sometimes used for payments in crypto-friendly environments.

Sol as a National Currency (Peru)

The Peruvian sol (symbol: S/) is the official currency of Peru.

  • ISO code: PEN

  • Managed by: Central Reserve Bank of Peru

  • Subunit: 1 sol = 100 céntimos

The sol (formerly the nuevo sol) is a recognised fiat currency used across Peru for all goods, services, and legal tender transactions.

Summary

  • Yes, SOL can refer to a cryptocurrency (Solana) or a national currency (Peruvian sol).

  • Context matters—digital vs traditional.