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