Pi virtual currency claims to have 60 million users

Pi Network said the cryptocurrency project now has 60 million network participants, up nearly 10 million from three months ago.

On Pi2Day (June 28), Pi Core Team, the Pi Network development team , also announced that 12 million people have successfully performed identity verification (KYC), up from 9.45 million compared to Pi2Day. Pi (March 14).

The project has migrated about 10 million people to the "closed mainnet" system. This is a term that describes people who have KYC and have a portion of the Pi virtual currency transferred to the mainnet wallet - a wallet that can exchange Pi with each other but cannot trade with other digital currencies.

Pi Network interface on a smartphone. Photo: Bao Lam

Pi Core Team also mentioned the requirements for "open mainnet" - meaning users can trade Pi with other cryptocurrencies. Specifically, the conditions include: completing the technology, product, business and legal open network for Pi; achieve KYC goals; needs "a favorable environment that does not hinder the success of the open mainnet". However, some numismatic experts evaluate these conditions as "a long time coming".

The team said Pi2Day 2024 “could be the last Pi2Day before the mainnet opens.” However, Hoka News believes this could just be a “time-wasting” tactic by the project.

Pi Network is a project launched in 2019, advertised as helping users own free Pi virtual currency, by logging into the phone application every day. However, the project caused controversy when it did not allow users to trade on cryptocurrency exchanges after many promises.

In recent times, many people have said that they are waiting for milestones such as Pi Day on March 14 or Pi2Day on June 28 for the "mainnet to open", but there have been no significant improvements except for reassuring announcements to users. Meanwhile, Nicolas Kokkalis, the man believed to be behind the Pi Network project, has not appeared in any media for more than three years.

At the end of June 2023, the Ministry of Public Security said it had coordinated with local police to investigate activities related to the virtual currency Pi. According to a representative of the Ministry, activities related to Pi in Vietnam show signs of soliciting money from one person to the next in a binary, multi-level business model, so people need to be cautious before behavior that entices participation in a virtual currency model with unusually high profits.

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