Pi Network Sparks Frenzy as Vietnam Races to Regulate Digital Currencies!

Jakarta, Pintu News – Vietnam is moving quickly to regulate cryptocurrencies following the mining furor and the use of Pi Network.

The Vietnamese government, through various agencies, has issued a series of warnings and new policies related to the use of this digital currency. This step is taken to avoid risks and protect citizens from potential fraud.

New Regulations for Cryptocurrencies

Vietnam’s Prime Minister, Pham Minh Chinh, has ordered the Ministry of Finance and the State Bank of Vietnam to draft a legal plan regarding cryptocurrencies by March 2025.

Read also: Crypto Market Crashes! How Much is Pi Network Worth in Rupiah Today (4/3/25)?

Currently, Vietnam does not recognize cryptocurrencies as official money, regulating only prepaid cards and online wallets related to cash. This lack of regulation has led many blockchain companies to choose to set up operations in other countries such as Singapore or the United States, while still operating in Vietnam.

The Party’s General Secretary, To Lam, suggested trying the “sandbox” idea, which is a trial period to observe digital asset trading without getting fully involved.

The Ministry of Finance and the Ministry of Science and Technology were given until June 2025 to finalize the regulations. The move is expected to bring Vietnam to the vanguard of the global crypto industry.

Warning Against Pi Network

Vietnamese police have issued a warning against Pi Network tokens, stating that their use for payments is illegal. This offense may result in sanctions and criminal charges in accordance with Clause 6 of Article 26 of the amended Decree 88/2019/ND CEP.

Pi Coin, which does not yet have a clear legal status in Vietnam, has attracted attention as it is widely used by individuals and businesses for daily transactions. The government also confirmed that Pi Coin is not considered an asset under Vietnamese law, and its current price is based solely on speculation.

Risks associated with these tokens include scams using Pi for illegal activities, creating dummy tokens, or even fake apps to collect user data.

Read also: This Crypto Trader Made $7 Million in Just One Day – Here’s How!

Pi Network Value Collapse and Its Impact

The value of the PI token has seen a sharp decline, falling by 17.6% to $1.73 in the last 24 hours (3/325). Although it still registered a 21% gain in the last seven days, the token has been criticized by the crypto community for being a fraudulent project.

Some users have complained that they are unable to claim their Pi tokens because the Pi Network team has not verified their Know Your Customer (KYC) process.

The Pi Network team has extended the deadline for mainnet migration to March 14, 2025, giving users more time to verify their balances and migrate to the mainnet.

This step was taken to ensure that all users have a fair chance to participate in the Pi Network ecosystem.

Overall, Vietnam is working hard to regulate the country’s rapidly growing digital currency market. The measures taken by the government are expected to protect citizens from the risk of fraud and ensure that the growth of the crypto industry takes place within a clear legal framework.

The coming months will be crucial in determining the future direction of digital currencies in Vietnam.

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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. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto Times. After Pi Listing Craze, Vietnam PM Urges Crypto Regulations. Accessed on March 4, 2025
• Mitrade. Vietnam police issues warning about Pi Network. Accessed on March 4, 2025