Vietnamese authorities have issued a warning about the risks associated with the Pi Network, stating that its token lacks real-world utility and is highly speculative. They noted a surge in interest surrounding the token, attributing it to aggressive social media promotions. The officials cautioned that Pi Network's mining application promotes unrealistic expectations of price increases and may draw in users who do not fully understand the risks. They also highlighted the potential for fraudulent activities, including scams and counterfeit tokens. Cryptocurrencies, including Pi, do not have legal asset status in Vietnam, meaning disputes or financial losses may not be protected by law. Digital assets are also not recognized as legal payment methods in the country, with penalties and legal action possible for entities using them for transactions. The government urges citizens to verify information before investing and avoid spreading unverified details on social media. Vietnamese officials have been scrutinizing Pi Network for years, with concerns over its MLM-like structure and potential harm to investors. The regulatory warning has led to an immediate impact on the market, with Pi token prices falling by 18% in 24 hours. Investors are now advised to exercise greater caution when dealing with the token.



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