The authorities in Vietnam have decided to investigate issues concerning the pi cryptocurrency which has been the latest concern to look into in the country. It is quite said that the usage of crypto pi have been used exceedingly and unmanaged of recent which needs to be investigated properly.
There seems to be a notice and sign that people are been forced in the process of joining the Cryptocurrency pi by promoters in the country into business models which looks like that of multi- marketing models and this was said by the department head Le Xuan Minh at a meeting in Hanoi.
The authorities in the country have put out warning to citizens in the country to avoid Investing in cryptocurrency models with abnormally high profit margins or probably those who employ multi-level marketing models.
It is quite said that the existence of pi came in limelight in the year 2019 and later became a hot trend in Vietnam in the year 2021 gaining more popularity with it existence. However the pi network have been said to lack transparency of a blockchain project which can even be used for fraud and other fraudulent act like data collection.
Despite the negative thought about the pi cryptocurrency, a blockchain expert from HCMC have shared his own opinion that people still have a bigger believe in achieving something profitable from it without losing anything from joining as well.
With the involvement of cryptocurrency in Vietnam, it is still not a legal tender and any trading or payment that occurs will lead to the fine of VND100 million (US$4,240) which is a law granted in the country.
Though with my own opinion I still haven't seen any progress from the pi network and the reason is the strategy that is involve while mining. It existing project however should neglect people putting much hope in it to avoid regrets.
It however make sense when you believe in a crypto project but when it doesn't guarantee that hope of progressing then there should be a limit especially with the involvement of pi.
I really don't blame the actions taken by the Vietnam authorities to Investigate such actions because this will help protect and reduce fraudulent act from citizens in the country if any negative occurrence is found.