Pi Network Users Receive Legal Warning From Vietnam Police
Vietnamese authorities warn citizens of risks associated with PI networks, warn their tokens lack real-world practicality and remain highly speculative.
On March 2, Hanoi City Police noted that interest around tokens surged, attributed to active social media promotions and a list of recent exchanges since the Mainnet release.
Vietnam warns of PI cyber risk and speculative nature
Officials Warn Pi Network Market its mining applications with unrealistic expectations of sustained price increases. According to them, this attracts users who may not fully understand the risks.
Authorities also clarified that cryptocurrencies, including PI, have no legal asset status in Vietnam. As a result, any dispute or financial loss associated with PI-related transactions may not be protected by law.
In addition, law enforcement agencies warn PI network It may be abused for fraudulent activities. They stressed Risk of scams involving fake tokens Aim to steal user data and launder money.
“PI lacks practical application; its value is self-allocated, leading many to misunderstand its true value. Some political parties may provide illegal activities with utilizing PI, for example, to abuse fraudulent assets by creating fake PI cryptocurrencies, or to illegally collect user data or gain unauthorized access by developing fake PI applications, to deceive PI transactions.” statement.
Furthermore, digital assets are not considered legal payment methods in the country, and any entity using them for transactions may face fines or legal action.
“Any individual or organization that normally uses cryptocurrencies, especially PI, will be subject to penalties from Article 6, Article 6, Article 26, Article 26, Article 26,/2019/ND-CP (the penalty ranges from 50,000,000 vnd to 100,000,000 vnd), or may be subject to criminal proceedings in Article 206’s criminal proceedings.”
With this in mind, the government urges citizens to verify information before investing and avoid spreading unverified details on social media. According to authorities, sharing of false or misleading information can lead to legal consequences.
They added: “Do not distribute, transmit or publish unverified false information about cryptocurrencies, especially PI, which can cause public alerts or lead to violations of the law.”
This strict regulatory stance is designed to protect investors and maintain market integrity. especially, Vietnamese officials have been reviewing the PI network for many years.
About two years ago, they investigation The project cites its multi-layer marketing (MLM) structure and its potential to damage investors.
At the same time, regulatory warnings have a direct impact on the market. According to CoinMarketCap data, the price of PI tokens has fallen by 18% in the past 24 hours.
Just one week after the release, PI Reaching an all-time high of $2.98 This has increased by 20% in the past week. Now, it trades at about $1.75, down more than 40% from the peak.
Now, investors face uncertainty and must be more cautious when handling tokens.
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