Due to transparency concerns, Vietnam to investigate the Crypto firm, PI network

In Vietnam, according to a report, the number of Vietnamese people interested in cryptocurrencies, and accessing crypto-related Web sites ranks second in the world out of 74 countries surveyed. According to another assessment of the cryptocurrency payment company TripleA, Vietnam currently has nearly 6 million people owning cryptocurrencies, equivalent to 6% of the population, ranking 9th in the world.

Profits from cryptocurrencies in 2021 have made many investors interested in this financial asset through the mining of cryptocurrencies, raising capital (ICO) and use and trading of cryptocurrencies in the cryptocurrency market has grown strongly in both quantity with capitalization value increased to a new record in the year 2021.

According to a report by CNBC, in 2021 alone, the number of crypto holders globally has reached 220 million, with the amount of capital poured into the coins amounting to 30 billion USD, more than all previous years combined. The most prominent cryptocurrency Bitcoin has also surged in price from around $29,000/bitcoin at the start of the year to a record high of $69,000/bitcoin, bringing the total cryptocurrency market cap to a new high of nearly
$3 trillion (CNBC, 2021).

Authorities in Vietnam are investigating activities involving the cryptocurrency Pi, announced the Department of Cybersecurity and High-Tech Crime Prevention recently. There have been signs of people being coerced by cryptocurrency promoters into business models resembling multi-marketing models, Minh said, adding that police forces in multiple localities are especially investigating activities regarding the Pi cryptocurrency.

Authorities have warned people against investing in cryptocurrency models with abnormally high-profit margins, or those employing multi-level marketing models. The Pi Network came into existence in 2019 and underwent a popularity boom in Vietnam in 2021. The cryptocurrency has been said to lack the level of transparency of a blockchain project and may be utilized for nefarious purposes like fraud or data collection.

Currently, in the current legal documents of Vietnamese law, there is no specific regulation on what Bitcoin is. In recent years, with the young population making up the majority, the game market in Vietnam has been vibrant and full of potential to attract investors. Accordingly, with the development of technology, traditional games are gradually brought up with more modern and advanced technologies, especially Blockchain technology with the origin of NFTS (Non-Fungible Tokens) games.

This is showing that Vietnam is a country with great potential for development and is considered capable of becoming the world’s blockchain game capital. However, at present, in Vietnam, there are still many barriers and difficulties that make technology difficult to develop and greatly affect the investment decisions of investors in blockchain game projects in Vietnam.

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