I have some intriguing information to share with you regarding the well-known Pi Network and the current investigation taking place in Vietnam. You know, Nigeria and other countries have been quite interested in the cryptocurrency network called Pi Network. It all revolves around mining and producing tokens in a very simple manner.
But what's this? Pi Network is being closely examined by the Vietnamese government. Regarding its legality and viability, there has been a lot of debate. The Vietnam Department of Cybersecurity and High-Tech Crime Prevention began looking into Pi Network last Friday. Le Xuan Minh, the department's head, has voiced some worries. He believes that the Pi Network paradigm has recently grown too complicated and unmanageable.
No other online activity produces such high levels of money, which will shock you! Imaginary, huh? Le Xuan Minh reportedly cautioned against the likelihood of fraud or data gathering with bitcoin advocates utilizing business models that resemble multi-marketing scams, according to the local media. According to him, the Pi Network is not transparent enough to be considered a blockchain project.
The Vietnamese government's probe is a part of a wider pattern. Governments from all over the world are attempting to determine the best ways to control and monitor cryptocurrencies as they gain popularity.
Let's now expand on the Pi Network itself. It's a digital currency venture that was allegedly created in March 2019 by a group of intelligent Stanford University students. They even have a fancy website that boasts that they have a staff of 35 core members throughout the world and 47 million engaged members.
It's interesting that you can completely mine their cryptocurrency, the Pi coin, on your smartphone. Yes, you did hear me correctly! All you have to do is download their app and ask one of the reliable members for an invitation code. A lot of attention was paid to it because of how well everything went along, especially in Africa and Asia. People appreciated being able to mine Pi tokens without having to spend money on pricey crypto-mining equipment.
Read Also: Pi Network: Has PiCoin become a new crypto heaven or hell for Nigerians?
Did you know that some users can now transfer their Pi coins that they have mined to the mainnet? They can communicate with them by sending, receiving, and even doing transactions. Even though the Pi token is not listed on any cryptocurrency exchanges, there are traders out there that purchase and sell them on the mainnet. Of course, there will always be disputes. Some people wonder if Pi Network is only a pyramid scheme or an actual blockchain network. It is still being discussed.
However, the credibility of the Pi Network's creators is something that reassures fans of the network. One of the co-founders, Dr. Nicolas Kokkalis, is a Stanford Ph.D. graduate and teaches in the university's inaugural course on decentralized applications. Dr. Chengdiao Fan, the other co-founder, holds a Ph.D. in anthropological sciences and is a professor at Stanford. Really impressive, no?
Pi Network sounds like a great way for the average person to possibly make some extra money. Simply clicking a button each day will provide you access to some free tokens that you can sell to merchants for a reasonable price.
Oh, and let me to clarify something. It was incorrect to the rumors that Huobi Global has listed Pi Coin that surfaced last year. It was necessary for the Pi Network team to clarify the situation by claiming that it wasn't permitted. Pi is currently in the Enclosed Network and has not yet received approval for trade or listed on any exchanges.
So that's the most recent information about Pi Network and the Vietnamese probe. We anticipate receiving more updates soon that offer some clarification. Friends, these are exciting times!
Source: TechNext