Cryptocurrency Pi has become legal tender, investors claim

Nguyen Tam of Hanoi said he bought a used laptop from an electronics store in Hanoi last Friday with Pi. The device, costing less than VND10 million (US$420), was sold for 200 tokens, he said.

Nguyen Luong, the owner of an electronic store in Hanoi, said he has started accepting Pi as payment for laptops.

"Almost a dozen people have bought from me this way."

Some others also said they have bought food and equipment using Pi on social media groups since July 13, when its developers allowed it to be traded.

An investor claims to buy an old laptop using 200 Pi token on Facebook. Photo courtesy of Facebook

Some even claimed to have exchanged Pi for money, with a token worth almost one U.S. dollar.

Users who have been e-verified could transfer Pi with each other, Phien Vo, administrator of Facebook group Pi Network Vietnam, said.

"Pi holders can only exchange the token for goods and services, not other cryptocurrencies."

Prices are negotiated between parties since there is no value fixed yet for the cryptocurrency.

Some even believe the token could be worth thousands of dollars. For instance, one person claimed he sold his mutant orchid for 2.1 Pi equivalent to $20,000.

Risks

Cryptocurrencies are not legal tender in Vietnam, and issuing, trading or using one for payment can be fined up to VND100 million.

Scams too are possible, an administrator of a Pi group warned.

"Some say they accept Pi as payment for high-value goods, but do not respond to orders."

It is merely an advertising ruse, he said.

"Others demand upfront payment and then disappear once they receive the token."

Pi has attracted a lot of interest in Vietnam as it claims to be a cryptocurrency that can be easily mined using smartphones, and the app, Pi network, has made it to the list of most downloaded apps in the country multiple times.

Pi has yet to enter the open mainnet phase, so has yet to be listed on any cryptocurrency exchange.

Experts have warned that it could be a scam as little information regarding the projects is revealed to the public.