Authorities in Vietnam have launched an investigation into the Pi Network and cryptocurrency. The mining-incentivized crypto network has grown in popularity in the country as it provides an ‘easy way’ to mine and generate tokens, but the authorities are not convinced.
The Pi Network launched in March 2019 and grew in popularity in Vietnam and India during the 2021 bull market. This is because PI tokens can be ‘mined’ on a mobile phone, negating the costs of buying expensive crypto-mining hardware.
However, the network doesn’t appear to have any purpose other than acting as a medium of exchange for PI tokens.
Nevertheless, co-founder Dr. Nicolas Kokkalis is a Stanford Ph.D. and instructor of Stanford’s first decentralized applications class. Stanford professor Dr. Chengdiao Fan, the other co-founder, has a Ph.D. in Anthropological Sciences.