Vietnam issued a warning about % Pi network falls 18% as Vietnamese authorities issued a legal warning Vietnamese authorities issued a warning about the risks associated with the Pi network
They emphasized that #cryptocurrencies , including Pi, do not have the status of a legal asset in the country.
Following the warning, the price of Pi tokens fell 15 percent in less than 24 hours to about $BTC Vietnamese authorities warned citizens of the risks associated with the Pi Network, noting that its tokens have no real value and remain highly speculative.
On March 2, Hanoi police noted a surge of interest in the tokens, attributing it to aggressive promotion on social media and the recent listing after the main network's launch.
authorities warned that Pi Network promotes mining applications with unrealistic expectations of constant price increases. This, they said, attracts users who do not fully understand the risks.
authorities also explained that cryptocurrencies, including PI, do not have the status of a legal asset in Vietnam. Therefore, disputes and financial losses related to PI-related transactions are not protected by law.
additionally, law enforcement authorities warned that the Pi network could be used for fraudulent activities. They emphasized the danger of fake #token scams aimed at stealing user data and laundering money.
Since Pi has no practical use and its value is self-appropriated, many people are unaware of its true value. Some people may use Pi for illegal activities, such as creating fake Pi #cryptocurrency to fund asset misappropriation, developing fake Pi applications to fraudulently collect user data, or gaining unauthorized access to misappropriate assets or cryptocurrency in Pi transactions.
In addition, #digital assets are not recognized as a legal payment method in the country, and organizations using digital assets for transactions may face fines and lawsuits.
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