#PI Is Pi-coin illegal? Vietnam strictly prohibits the payment of Pi-coins, violators may face fines of up to 1 million dong.

Vietnamese authorities warn: coin PI does not have official asset status
The Hanoi City Police, Vietnam, published an announcement on its official Facebook page on March 2, warning citizens that Pi coins do not have a legal status according to Vietnamese law. It was officially stated that the tokens of the Pi Network have recently gained significant attention, mainly due to active promotion on social media and their recent inclusion in trading after the main network launch. According to the Vietnamese police observations, interest in Pi coins has significantly increased, attracting high levels of attention from the authorities. They believe that the Pi Network, through active marketing on social media, is spreading unrealistic expectations of further price growth among users, which may attract those who do not fully understand the risks.
Image source: The Hanoi City Police in Vietnam published an announcement on their official Facebook page on March 2, warning citizens that Pi coin is not a legal currency recognized under Vietnamese law.
The authorities have clearly stated that cryptocurrency, including Pi, is not considered legal tender in Vietnam, so any disputes or financial losses related to Pi may not have legal protection. Vietnam has always been one of the highest cryptocurrency usage countries in the world, and Pi cryptocurrency is particularly prominent in this country, especially after several exchanges have listed it as an asset.
It is important that this is not the first time Vietnamese authorities have issued warnings about trading digital assets. Earlier, the State Bank of Vietnam warned against the use of cryptocurrency for payments. This message responds to the situation when individuals and businesses widely use Pi tokens for payments.
Strictly prohibited for transaction payment, violators face strict punishment.
Vietnamese authorities emphasize in their announcement posted on Facebook that digital assets are not recognized as a legal means of payment, so any individual or organization using cryptocurrency (especially Pi Coin) for payment transactions will be subject to a fine under Clause 6, Article 26 of Decree No. 88/2019/ND-CP ranging from 50 to 100 million Vietnamese dong (approximately 60 to 120 thousand New Taiwan dollars). In case of serious violation, individuals may face criminal liability under Article 206 of the Criminal Code for violating regulations in the banking sector. This strict regulatory stance is aimed at protecting investors and preserving market integrity.
Police remind: Pi has limited practical applicability, investors should be cautious
Law enforcement agencies particularly warn that the Pi network may be used for fraudulent activity. They emphasize that there is a risk of fraud associated with counterfeit tokens created to steal user data and launder money.
The police stated: "Pi has no real-world application; its value is self-given, leading to a misunderstanding of its true worth. Some groups may use Pi for illicit activities, such as creating counterfeit Pi cryptocurrency to raise funds for fraudulent asset squandering or developing fake Pi apps to unlawfully collect user data or gain unauthorized access for the purpose of deceiving assets or cryptocurrency in Pi transactions."
The government urges citizens to verify information before investing and to avoid spreading unconfirmed detailed information on social media. According to the authorities, spreading false or misleading information may have legal consequences. They add, 'Do not spread, transmit, or publish unconfirmed false information related to cryptocurrencies (in general) and Pi (in particular), which may cause public panic or lead to legal violations'.
It is important to note that Vietnamese officials have been investigating Pi Network for many years. Almost two years ago, they were already conducting an investigation into this project, as they were concerned about the potential consequences for investors due to its multi-level marketing-like structure. Vietnam's Ministry of Cybersecurity and Crime Prevention has urged people planning to invest in Pi to carefully study all the information before investing, "to avoid the risk of financial loss and unwanted events".
The price of PI has been affected, users are facing many challenges