Risks when investing and trading Pi Network virtual currency

Recently, on Facebook social networking sites and groups, many articles and comments have appeared about the virtual currency Pi Network. In particular, the listing of Pi Network on a number of virtual currency exchanges has created excitement in the community of Pi "miners".

After nearly 2 weeks since being listed on exchanges, the price of Pi is currently fluctuating around 1.8 USD (about 46,000 VND) and at one point reached 3 USD (about 76,000 VND).

Ability to maintain pricePi Networkmakes the Pi mining community expect growth in the coming time. At the same time, this also attracts the attention of newcomers who have never known about Pi virtual currency.

Faced with this situation, Hanoi City Police have issued a warning about the risks when investing and trading in Pi Network virtual currency.

According to Vietnamese law, virtual currency in general and Pi virtual currency in particular are not considered assets. Therefore, incidents, problems, and disputes related to virtual currency and Pi transactions are very risky and difficult to protect and handle by law.

Virtual currency is not a means of payment. Therefore, any individual or organization using virtual currency in general, and Pi virtual currency in particular, for payment activities will be subject to a fine of VND 50,000,000 to VND 100,000,000 or may be prosecuted for "Crimes of violating regulations on banking activities and other activities related to banking activities".

Hanoi City Police said that Pi coin currently has no practical application, its current value is self-determined and makes many people misunderstand the true value of this virtual currency.

Some subjects may take advantage of Pi virtual currency to commit illegal acts such as creating fake Pi virtual currencies, raising capital for the purpose of fraud and appropriation of assets.

Bad guys even create fake Pi Network applications to illegally collect user data, illegally access for the purpose of defrauding and appropriating assets or virtual money in Pi virtual currency buying and selling transactions.

The Department of Cyber ​​Security and High-Tech Crime Prevention (Hanoi City Police) recommends that people should be cautious and carefully research information before investing in the virtual currency Pi.

People need to be vigilant when conducting transactions to buy, sell, and exchange Pi virtual currency to avoid the risk of property damage and unfortunate incidents.

Do not post, transmit, or disseminate false or unverified information on cyberspace related to virtual currencies, cryptocurrencies in general, and Pi coins in particular, causing public confusion or violations of the law.