Pi Network Payments Accepted on Shopee Vietnam: Controversy Surrounding Use of Cryptocurrency

By 0xGorki On Mar 22, 2023

Pi (Pi Network), a relatively new digital currency, has recently appeared on the Shopee Vietnam online marketplace, prompting concerns over potential violations of Vietnamese laws and regulations on cryptocurrency trading, according to a local newspaper Vnexpress.

A user in District 7 of Ho Chi Minh City, named Thu Huong, reported that she had purchased facial cleanser and makeup remover on Shopee for VND 750,000 (32 USD),. She had the option to pay with 32 Pi. Other users on social media groups dedicated to Pi have also reported successfully placing orders, and some have even received their purchases.

Upon contacting the store, an employee provided specific instructions that buyers still need to transfer money in fiat currency. After receiving the goods, they would then contact the shop to receive the Pi wallet address. Finally, the store would refund the customer’s money.

Interface of Some Products Listed with Pi Cryptocurrency on Shopee | Photo: Vnexpress

“If you’re in Ho Chi Minh City, you can come to our direct trading address. We’ve been in business for 6 years, and we don’t engage in fraudulent activities,” the employee said. According to a screenshot shared by the store, there were 107 successful orders made using Pi.

However, a representative from Shopee stated that the platform currently supports seven payment methods for users, and Pi is not among them. “Pi is not an accepted payment method on Shopee. For any violations of the law or the platform’s selling policies, we will impose penalties according to regulations,” the representative said.

After receiving complaints, Shopee conducted an audit and found that all Pi payment options had disappeared from the store, and the account had been locked.

Trading goods with virtual currencies is illegal under Vietnamese law. However, some stores still accept Pi payments. To circumvent the law, Pi users often use the term “exchange” instead of “payment” and engage in transactions based on mutual agreement, accepting goods exchange based on a common valuation.

On social media, some Pi trades have been made with different agreed-upon prices, such as $3.14 per Pi. Two weeks ago, a hotel in Phan Thiet was also requested by the Department of Culture, Sports, and Tourism of Binh Thuan Province to stop accepting Pi payments for its rooms.

As Shopee Vietnam does not support Pi payments, it is important to note that users should exercise caution when using this digital currency as a method of payment, as it is not officially recognized or supported by the platform.

What is Pi Network

Pi Network is a unique digital currency that combines aspects of an app, multi-level marketing (MLM), and cryptocurrency mining. Unlike other cryptocurrencies like Bitcoin which require significant processing power, Pi Network is mined directly on your phone. The mining process involves tapping a button on the Pi Network app once a day to receive Pi coin vouchers. However, this process is not actual crypto mining since you’re not verifying transactions.

To sign up for Pi Network, you need an invitation code from an existing member due to the referral system it uses. The more people that register with your invitation code, the more coins you can earn. The Pi coins you earn are stored in the app and cannot be withdrawn, sold, or exchanged for other cryptocurrencies. However, the Pi Network website states that in the third phase of its roadmap, the mainnet launch will allow for these actions.

Pi Network’s unique combination of features has garnered significant attention, with many people jumping at the chance to mine cryptocurrency on their phones. However, it’s important to note that the use of digital currencies like Pi for payments is still illegal in many countries, including Vietnam. Therefore, it’s essential to be cautious when investing in or using Pi Network. The app is still in development, and its future remains uncertain.

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