Vietnam Commences New Probe into Pi Cryptocurrency

The Department of Cybersecurity and High-Tech Crime Prevention in Vietnam has initiated an investigation into the Pi cryptocurrency, according to regulatory authorities.

Vietnam Commences New Probe into Pi Cryptocurrency

During a recent meeting in Hanoi, department head Le Xuan Minh highlighted the increasingly complex and unregulated nature of cryptocurrency operations, particularly mentioning models like Pi. He stated, “There is no other online business activity that can generate such high levels of income.“

Minh expressed concerns about reports indicating that individuals are being coerced by cryptocurrency promoters to participate in business models resembling multi-level marketing schemes. The police are focusing on activities associated with the Pi cryptocurrency across various regions.

Authorities have issued warnings about investing in cryptocurrency schemes that promise abnormally high profits or adopt multi-level marketing structures. Minh emphasized the substantial risks involved in such activities and advised investors to exercise caution, as reported by the local publication VN Express.

The same publication highlighted the lack of transparency within the Pi Crypto Network, an essential aspect of any blockchain project. It also cautioned that cryptocurrency promoters have enticed people into “business models that resemble multi-level marketing.”

About the Pi Network

The Pi Network started in 2019 and gained popularity in Vietnam in 2021. This is because users can earn PI tokens by using their mobile phones, instead of having to buy expensive mining equipment. However, the PI network doesn’t seem to serve any other purpose except for exchanging PI tokens.