However, this adoption comes amid regulatory concerns. Chinese authorities have warned against Pi Network, labeling it a potential scam, while Vietnam's police caution against its use due to perceived lack of practical applications. Thailand has banned digital asset payments, making Pi transactions potentially unlawful, and South Korea does not officially recognize cryptocurrency as legal payment. Despite these challenges, the community-driven push for Pi's adoption suggests a growing demand for alternative peer-to-peer payment methods. As of the article's writing, Pi Coin was trading at $1.6525, down over 12% since the week's start.
Key takeaways:
- Pi Network's native token, Pi Coin, is gaining adoption in countries like China, Vietnam, South Korea, Thailand, India, and the United States for various transactions.
- In China, BYD Auto Service Co., Ltd. is facilitating car sales through full Pi payments, with a fixed Global Consensus Value (GCV) of $314,159 per Pi.
- Despite growing adoption, Pi Network faces regulatory challenges, with warnings from authorities in China, Vietnam, and Thailand, and South Korea not recognizing cryptocurrency as a legal payment method.
- Pi Network's PI token was trading at $1.6525, down by over 12% since the beginning of the week.