Pi Network was created in 2019 and experienced a boom in popularity in Vietnam in 2021. However, department head Le Xuan Minh said that operations of cryptocurrency projects such as Pi Network have been extremely “complicated and unmanageable” recently.
“There is no other activity that can generate such a high level of income online,” Le Xuan Minh explained.
Vietnamese authorities warn citizens against investing in cryptocurrencies with abnormally high returns or in projects that use multi-level marketing models.
“Such activity carries a lot of risks,” Min said.
Cryptocurrencies are not legal tender in Vietnam. Their release, trade or use may result in a fine of up to $4,240. Recall that earlier this year, a Vietnamese hacker received ten years in prison for stealing $13,000 in cryptocurrency.
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