Vietnam ranks third globally for traffic to the Pi Network website, accounting for 9.5% of total global visits. Despite a slight 6.46% drop compared to last month, interest in this cryptocurrency is showing signs of resurgence in recent days.
The Popularity of Pi Network in Vietnam
According to statistical data, Vietnam trails only Nigeria (10.03%) and India (9.92%) in terms of user traffic to Pi Network’s official website. The U.S. (7.89%) and South Korea (5.63%) follow in the top five. This highlights the significant attention from Vietnamese users toward this crypto project.
Launched in 2019, Pi Network gained strong traction in Vietnam starting in early 2021. Its appeal lies in the ability to “mine” Pi coins via a mobile app on smartphones. However, this has also sparked controversies and questions about the project’s transparency.
Controversies Surrounding Pi Network
The Pi Network project has faced mixed reactions from blockchain experts. Some fear it could be a scam aimed at collecting users’ personal information. Additionally, prolonged delays in launching the Open Network have fueled skepticism.
Previously, Pi Network operated under a “closed Mainnet,” where users could only trade Pi internally without access to major exchanges or external networks. It wasn’t until February 12 that the development team announced plans for an official network launch, scheduled for February 20.
Following this announcement, the value of Pi on black markets surged from 25,000 VND to 35,000–40,000 VND per Pi. However, many experts warn this could signal a massive “dump” as users rush to sell their Pi for profit.
Warnings from Authorities
In June 2023, Vietnam’s Ministry of Public Security issued warnings regarding activities related to Pi Network. Authorities noted that the model exhibits signs of recruiting participants through binary and multi-level reward schemes, posing risks of severe financial losses for citizens.
Tuấn Thanh, a cryptocurrency investor, shared: “Most Pi Network participants are waiting for the network launch to reap benefits. I believe there will be a large-scale sell-off because everyone wants to cash out their Pi for profits.”
Conclusion
Although Pi Network is gaining significant attention from the Vietnamese community, users should exercise caution against enticing offers. Experts recommend carefully evaluating any cryptocurrency investment, especially when the project lacks proven transparency and sustainability. Conduct thorough research and consult reliable sources before deciding to participate.
If you’re interested in Pi Network, ask questions and delve deeper into the project’s fundamentals. Is this truly an investment opportunity, or just a risky scheme?
References
- Pi Network Traffic Report
- Official announcement from the Pi Network team
- Warning from Vietnam’s Ministry of Public Security on multi-level cryptocurrency schemes
