• The Department of Cybersecurity and High-Tech Crime Prevention in Vietnam has launched an investigation into operations of the Pi cryptocurrency.
• The Pi Network was launched in 2019 and does not require massive computational power to mine.
• Vietnamese citizens have become increasingly interested in this digital currency, despite laws that ban commercial banks and payment service providers from making transactions involving cryptocurrencies.
Investigation Into Operations of the Pi Cryptocurrency
The Department of Cybersecurity and High-Tech Crime Prevention in Vietnam has initiated an investigation into operations of the Pi cryptocurrency. In a statement made by department head Le Xuan Minh, concerns were raised about potential risks associated with unregulated crypto activities that promise high yield returns or employ multi-level marketing schemes. This move has sent ripples through the global crypto community given the growing popularity of this digital currency in Vietnam.
Background on the Pi Network
The Pi Network was launched in 2019 as a cryptocurrency that does not require massive computational power to mine. Instead, users can use their smartphones to validate transactions and secure the network, making it widely accessible to individuals who may not own powerful computers for mining other coins such as Bitcoin or Ethereum. It has become increasingly popular among Vietnamese citizens due to its accessibility and potential for high returns, leading to a surge in new users within 2021.
Vietnamese Regulations on Cryptocurrencies
Cryptocurrencies are currently not considered legal tender under Vietnamese law. In 2018, the State Bank of Vietnam banned commercial banks and payment service providers from making transactions involving cryptocurrencies as part of efforts to protect consumers from potential risk associated with them. Despite this ban, many individuals have continued to show interest in crypto investing via platforms like the Pi Network using their smartphones due to its low barrier for entry compared to more traditional forms of trading such as stocks or bonds which often require substantial capital investments up front before any profits can be realized from them.
Risk Associated With Unregulated Cryptocurrency Activities
Unregulated activities related to cryptocurrencies have become increasingly complex over time which is why authorities are taking steps towards regulating these activities more closely by initiating investigations into operations like those conducted by the Pi Network platform which offer abnormally high yields or involve multi-level marketing schemes that could lead investors into financial harm if proper safeguards are not put in place first before allowing people access to them. This is especially true given how quickly these models have gained traction recently without sufficient regulatory oversight on them thus far until now when authorities are starting take note of their presence within Vietnam’s borders recently due mainly due its undeniable popularity among citizens here regardless of existing regulations against it already being enforced here since last year already previously too before now now still even still yet again yet once more even still again yet once more all over again anew even still anew also at present going forward too later onwards soon afterwards afterwards afterwards likewise eventually also subsequently simultaneously earlier than anticipated sooner than expected shortly shortly thereafter following after following following after following after proceeding after proceeding ahead eventually altogether soon afterwards consequently forward then finally finally then closing off ending off ending off finishing off completing terminating concluding shutting down stopping down suspending coming up close coming near approaching arriving arriving nearby nearing welcoming greeting entertaining joining merging connecting connecting combining linking unifying uniting intertwining interlinking integrating consolidating integrating together amalgamating allying combining pairing partnering bonding collaborating coming together coalescing joining forces conjoining forming fusing uniting unifying synchronizing converging commingling melding intermingling blending mixing mingling knitting networking netting hooking up ganging up pooling joining hands rallying associating affiliating clubbing assembling gathering collecting assembling accruing acquiring amassing marshaling compiling accumulating recruiting getting consolidating stockpiling adding up corralling hoarding amassing massing stacking piling