The Vietnamese government is looking into the famous Pi Network, which is where the Pi Coin is kept.
The Pi Network is a crypto network that rewards mining. It has become more popular in Nigeria and other places because it makes it easy to mine and make tokens.
But the government in Vietnam isn’t having any of that, and this has once again brought up questions about whether or not the Pi Network is legal and possibly useful.
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Vietnam’s issues with the Pi Network
Vietnam’s Department of Cybersecurity and High-Tech Crime Prevention started looking into Pi, and the head of the department, Le Xuan Minh, said that the Pi Network model is “extremely complex and unmanaged.”
There is no other online business action that can bring in as much money. According to what local media say,
Also, he warned that cryptocurrency promoters have lured people into “business models resembling multi-marketing models” and that the crypto network lacks the necessary level of transparency for a blockchain project. Also, it may be “used for nefarious purposes like fraud or data collection.”
The Vietnamese government’s study is part of a larger trend of governments around the world trying to figure out how to regulate and keep an eye on cryptocurrencies as their use continues to grow.
As the probe continues, the Pi Network, which is said to have gained a lot of popularity and has a lot of users in Vietnam, will be looked at closely.
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The Network Pi
Pi Network is a digital currency project that was made by a group of Stanford University grads in March of 2019. The website for the Pi Network says that it has 47 million “engaged members.” It also says that it has a core team of 35 people in Silicon Valley and around the world.
The Pi coin’s creators say that it is the first cryptocurrency that can be completely mined on a cell phone. You only need to download the Pi network app and get an invitation code from a trusted person who is already part of the network.
Because the PI tokens can be “mined” on a mobile phone, negating the costs of purchasing expensive crypto-mining hardware, the Pi Network and its coin grew in popularity and acceptance thanks to this simple process, especially in Africa and Asia.
In 2022, many users will receive Know Your Customer (KYC) features. They can now transmit, receive, and deal with their mined Pi currencies on the mainnet. Despite being unlisted on crypto exchanges, several “vendors” buy and sell Pi tokens on the confined mainnet.
However, Pi Network still has controversy. Is it a blockchain network or a pyramid scheme?
Still, the trustworthiness of the network’s founders is one thing that gives Pi Network supporters peace of mind. The other co-founder, Dr. Chengdiao Fan, is also a professor at Stanford and has a Ph.D. in Anthropological Sciences. Dr. Nicolas Kokkalis has a Ph.D. from Stanford and taught the first class on decentralised apps at Stanford.
The Pi Network seems like a great way for the average person to potentially make some extra money because all you have to do is click a button once a day to earn free tokens that a “vendor” could purchase from you for a reasonable price.
At the end of 2022, there were false rumors that Huobi Global had listed Pi Coin. This was later proven false, and the Pi Network team had to explain that this was an illegal listing. The group put up a sign:
“Pi is currently in the Enclosed Network and has not been approved by the Pi Network for listing on any exchange or trading.”
As of today, no exchange has offered Pi coins. Before the end of the year, hopefully, there will be important changes that clear things up.
