Pi Network Adoption Surges Despite Regulatory Warnings

Pi Network’s native token, Pi Coin, continues to witness increasing adoption by merchants, growing beyond the US to Asia.

It marks a surprising move toward mainstream adoption despite unclear regulatory frameworks.

Pi Network Sees Growing Adoption for PI Payments

Countries like China, Vietnam, South Korea, Thailand, India, and even the United States accept Pi Coin payments. Specifically, individuals and businesses are forging ahead with Pi payments for various goods and services, from coffee to automobiles.

One of the most remarkable examples of Pi adoption comes from China. Reportedly, the BYD Auto Service Co., Ltd. in Changsha City, Hunan Province, is facilitating car sales through full Pi payments.

According to Doris Yin, the Pi Network Global GCV Movement Founder, around 40 Chinese pioneers purchased vehicles at a fixed Global Consensus Value (GCV) of $314,159 per Pi.

“I have verified this information with Mr. Li Shao from the Hunan Pi Network Merchants Association. The price of 0.2 Pi covers all related fees,” Yin shared.

She also cited financial backing from investors such as Gaoling Group and Sequoia Capital, highlighting a growing confidence in the Pi ecosystem.

Similarly, in Vietnam, small businesses have also started integrating Pi Coin into daily transactions. Queanh Gia Coffee now allows customers to pay in Pi, highlighting the increasing real-world use of the token.

A user on X (formerly Twitter) shared that a breakfast set could be purchased for just 0.003 Pi, making transactions affordable and practical.

Elsewhere, in South Korea, Pi Network’s Pi coin is also witnessing growing acceptance. Reportedly, some businesses now allow partial payments using the token. A plastic surgery clinic has begun accepting Pi for 50% of its payment, valuing the coin at around $37 per Pi.

“In Korea, another plastic surgery clinic accepts Pi payment. Only 50% accept Pi payment. 1 Pi is worth about $37,” a Pi-focused media outlet shared.

Various retail stores and coffee shops have also joined the trend, enabling Pi holders to use their coins in daily transactions.

In the same tone, Thailand recently hosted a shopping event where Pi Coin was used as a means of payment, reinforcing the community’s push for the token’s adoption.

“πGCV: The GCV community from Thailand held a shopping event with π coin payments. Let’s continue fighting for πGCV314159$. Fight for π and GCV to the end. GCV,” wrote Pi Global News in a post.

Meanwhile, in the United States, businesses in Florida have reportedly started accepting Pi for transactions. These developments mark a significant milestone for Pi Network’s Pi Coin outside the US and across Asia.

Regulatory Concerns: China, Vietnam, Thailand, and South Korea

While Pi Network’s adoption is gaining momentum, it also draws controversy. Chinese authorities have issued warnings against Pi Network, with some exchange officials labeling it a scam project and raising concerns about its legitimacy.

Vietnam’s police have also issued legal warnings, cautioning citizens about the risks of using Pi Coin for payments.

“Pi lacks practical applications; its value is self-assigned, leading many to misunderstand its true worth,” the authorities stated.

Meanwhile, Reuters reports Thailand’s firm stance, banning digital asset payments altogether since April 2022. This makes Pi transactions potentially unlawful within the country. Meanwhile, South Korea does not officially recognize cryptocurrency as a legal means of payment, which could create hurdles for businesses embracing Pi transactions.

Despite these regulatory challenges, Pi Network’s acceptance by merchants worldwide suggests growing trust in its potential as a viable digital currency. The community-driven push for adoption, particularly in Asia and now in parts of the US, highlights the demand for an alternative peer-to-peer (P2P) payment method.

Pi Network’s PI token was trading for $1.6525 as of this writing, down by over 12% since Monday’s session opened.