the ebay network, which was launched in 2019, gained significant traction in Vietnam in 2021 by enabling users to earn tokens through their mobile phones, eliminating the need for costly mining equipment. However, skeptics maintain that the network’s transparency is questionable and raises concerns about potential misuse for fraudulent purposes or unauthorized data collection.
In light of this, Vietnam’s Cyber Security and High-Tech Crime Prevention Department has taken the initiative to investigate the token, as announced by the regulatory authorities.
Pi Network trust and personal data
The trust many people place in Pi has worried experts in Ho Chi Minh City, Vietnam, as some individuals believe there are no negative consequences for joining the network.
Related reading: Introducing the Pi Network – Making Cryptocurrency Available to the Masses
However, Le Xuan Minh, Head of the Department of Cyber Security and High-Tech Crime, stated that users should be aware of the potential risks of having their personal information compromised, In Expressa local publication, reported.
The department head discussed this issue during a recent meeting in Hanoi, emphasizing the complex and unregulated nature of cryptocurrency operations; With particular reference to the large online income generated by such models.
Minh expressed concern about individuals being pressured into participating in business models that resemble multi-level marketing schemes by cryptocurrency promoters. He stressed the importance of dealing with such activities with caution.
Related reading: Do You Still Have Your Pi Network Codes? Huobi listing may be coming soon
Vietnamese authorities have also reportedly issued warnings to individuals regarding the risks associated with investing in cryptocurrency schemes that promise unusually high returns or adopt multi-level marketing structures.
The Pi symbol does not currently have a fixed value. However, there have been reports of individuals participating in “consensus” transactions, where they negotiate the price among themselves. To circumvent regulations, users often refer to these transactions as “exchanges” rather than “payments”.
In March, a hotel in the city of Phan Thiet, located in Binh Thuan province, was instructed to stop accepting tokens as a form of payment.
One attendee shared his experience, saying:
Some commodities were exchanged through consensus, but the values were relatively small. Although people valued the token at hundreds of thousands of dollars, there were no deals beyond a few dozen dollars. In addition, participants had to pay nearly 1 million dong for participation fees and uniforms.
My previous encounter and recent developments
On December 29, 2022, cryptocurrency exchange Huobi Global made an announcement regarding the listing of the token. However, Pi Network, in response, warned against listing its token on Huobi and other exchanges. In a tweet, they explained that as of December 29, 2022, they have not authorized any listings on the exchange.
The crypto total market cap is currently around $1.152 trillion | Source: TradingView
Over the past year, the Pi Network has achieved several noteworthy achievements. In September 2022, they introduced Pi Connect, a feature designed to address the current limitations of Pi Network cryptocurrency.
Pi Connect aims to provide users with information about token price and conversion rates for other popular cryptocurrencies, enhancing their overall experience within the network.
Featured image from iStock, charts from TradingView.com