Pi Network price plummets 18% after legal warning from Vietnam (3/2/25)

Jakarta, Pintu News – Vietnam recently issued a stern warning against Pi Network, causing the token’s price to drop dramatically. The Vietnamese government emphasized that Pi Network and its PI token have no legal status as an asset and are highly speculative with no real utility.

Official Warning from Vietnamese Authorities

The Vietnamese government has issued a warning to its citizens regarding the risks associated with Pi Network. They highlighted that mining apps promoted by Pi Network often give false hope of continuous price increases. This can attract users who do not fully understand the risks involved.

Local authorities also confirmed that Pi Network could be used for fraudulent activities, including theft of user data and money laundering. Cryptocurrencies such as Pi Network (PI) are not recognized as legal payment methods in Vietnam. The use of cryptocurrencies in transactions may result in sanctions or legal action.

The government advises citizens to verify information before investing and avoid sharing unverified information on social media. Spreading false or misleading information can result in legal consequences.

Also Read: The Future of Pi Coin (PI) in the Cryptocurrency World: Will PI Capi $5? Here’s the Technical Analysis!

Direct Impact to Markets and Investors

The repercussions of this warning are clearly visible in the cryptocurrency market. According to data from CoinMarketCap, the price of the PI token dropped 18% in the last 24 hours. Just a week after its launch, PI had reached a high of $2.98, up 20% in that week.

However, the token’s price now stands at around $1.75, down more than 40% from its peak. Investors are now facing uncertainty and should be more cautious about trading with this token. This sharp price drop shows how quickly market sentiment can change, especially after the intervention of government authorities.

Investor Supervision and Protection Measures

Vietnam has been monitoring Pi Network for several years due to concerns over its marketing structure similar to multi-level marketing (MLM) and potential harm to investors. The government seeks to protect investors and maintain market integrity by taking a strict regulatory stance.

The move is expected to prevent further losses and protect citizens from risky investments. This oversight is part of broader efforts by the Vietnamese government to regulate the cryptocurrency market and ensure that its citizens are protected from irresponsible investment schemes. The government continues to urge citizens to exercise caution and due diligence before engaging in any investment.

Conclusion

The Pi Network case in Vietnam is a warning to investors around the world to always be aware of the risks associated with cryptocurrency investments. The importance of verifying information and fully understanding what one is investing in is key to avoiding unwanted losses. Governments and regulators in various countries will likely continue to take similar steps to protect their citizens.

Also Read: Cardano (ADA) Price Prediction by Alex Becker: Upside Potential or Excessive Speculation?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• BeInCrypto. Pi Network Legal Warning from Vietnam Police. Accessed on March 3, 2025
• Featured Image: Nigerian Sketch