The Vietnamese officials issued a harsh warning on Pi Network and its speculative nature and legal uncertainties. Authorities said that Pi has no use in the real world and that many investors have been misleaded. Following this statement, the price of PI Token lost a hard decline and lost 18 %in the last 24 hours.
Vietnam authorities warned Pi Network
Hanoi police said that aggressive promotions on social media misled investors and that many people were involved in the project without fully understanding the risks. In Vietnam, crypto currencies are not recognized as a legal entity, the authorities emphasized that the transactions with PI Token are not within the scope of legal protection.
More importantly, warnings that Pi Network can be used for fraud. Authorities, fake pi token’lar personal data can be stolen and money laundering activities can be carried out, he said. The Vietnam government advised their citizens to verify the information before investing and not to share misleading content.
Pi Network Price is in collapse! What should investors do?
After these harsh statements, the price of PI Token fell rapidly. According to CoinMarketcap data, Pi, which lost 18 %in the last 24 hours, is currently traded at $ 1.75. This means a 40 %decrease in the $ 2.98 summit last week.
While Pi’s legal status remains uncertain, investors should be cautious to avoid any more losses. Regulatory pressures from countries such as Vietnam may seriously affect the future of Pi Network. If it does not regain its market confidence, there may be more harsh decreases.
Danger bells are ringing for Pi Network! Is more fall at the door?
Vietnamese officials’ statements are a great warning not only for Pi Network, but also for speculative crypto projects in general. With the increase in regulation pressures, investors may begin to turn to safe ports by avoiding uncertainty. If Pi Network does not expand its usage areas and does not comply with legal regulations, it will be inevitable that investor interest will be reduced. This may trigger larger collapse in the token price and risk the long -term sustainability of the project.
