How to Mine Pi Network on Your Phone? Is Pi Network subject to PIT and VAT in Vietnam?
How to Mine Pi Network on Your Phone?
Below is a guide on how to mine Pi Network on your phone with the latest step-by-step instructions that you can refer to:
(1) Download and Register a Pi Network Account
Step 1: Download the Pi Network App
- For iOS (iPhone): Access the App Store and search for Pi Network to download the app.
- For Android: Access Google Play Store and search for Pi Network to download the app to your phone.
Step 2: Register an Account
- Open the Pi Network app after downloading.
- Choose a registration method:
+ Register using your phone number (recommended for better security)
+ Or register using Facebook.
- Enter the country code (+84 if you are in Vietnam) and your phone number.
Step 3: Create a Password
- Set a password with at least 8 characters, including:
+ Uppercase letters
+ Lowercase letters
+ Numbers and special characters (if any)
- Confirm the password and click Submit.
Step 4: Enter Personal Information
- Fill in your full name (match it with your ID card/passport for future KYC identity verification).
- The name cannot be changed after 15 days, so enter it accurately.
Step 5: Choose a Username
Create a unique username (no spaces or diacritics, not duplicated with others).
Step 6: Enter Invitation Code (if available)
If you have an invitation code from another user, enter it in the corresponding box to increase the mining speed of Pi.
Step 7: Complete Registration
- Click Submit to complete and start mining Pi.
Enable notifications to remind you to check in daily.
(2) How to Mine Pi Network on Your Phone Daily
After successful registration, you can start mining Pi by following these steps:
Step 1: Log in to the Pi Network App
- Open the app and go to the home page.
- Click the thunder icon ⚡ to activate the Pi mining process.
Step 2: Maintain the Pi Mining Process
- Pi will be automatically mined for 24 hours after activation.
- After 24 hours, you need to re-enter the app and click the thunder icon again to continue mining.
Step 3: Increase Mining Speed
- Invite friends to join using your referral code to boost your mining speed.
- Join a security circle to protect your account and enhance Pi mining efficiency.
Each day, after 24 hours of mining, you need to check in (Double Click Thunderbolt -> Double Click Mining Button) to continue mining on your phone.
(3) Important Notes When Mining Pi
- You do not need to keep the app open continuously; Pi is still mined even when you close the app.
- Registering with your phone number will help secure your account better.
- You cannot change the registered name after 15 days, so be sure to enter it accurately.
- Regularly check the app to ensure you don’t miss any check-ins and continue mining Pi.
Note: The information is for reference only and should not be considered investment advice. Investors should conduct their own research and consider carefully before making decisions!
See more:
>>> On which exchange is Pi Network listed?
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How to Mine Pi Network on Your Phone? (Image from Internet)
Is Pi Network subject to PIT and VAT in Vietnam?
(1) Regarding Personal Income Tax
Based on Clause 1 Article 3 of the Law on Personal Income Tax 2007, amended by Clause 1 Article 2 of the Law Amending the Laws on Tax 2014, the regulation is as follows:
Taxable Income
Taxable personal income includes the following types of income, except for income exempted from tax as prescribed in Article 4 of this Law:
- Income from business activities, including:
a) Income from the production, trading of goods, and services;
b) Income from independent practicing activities of individuals holding a license or practicing certificate as prescribed by law.
Income from business activities in this clause does not include the income of individual businesses with revenue from 100 million VND/year or less.
...
(2) Regarding Value-Added Tax (VAT)
According to Article 3 of the Law on Value-Added Tax 2008:
Taxable Objects
Goods and services used for production, trading, and consumption in Vietnam are subject to value-added tax, except for the objects specified in Article 5 of this Law.
According to (1) and (2), up to the present time, there is no legal document defining virtual currency as goods or services used for production, trading, and consumption in Vietnam.
Based on Article 3 of the Commercial Law 2005 regulating the definition of goods as follows:
Explanation of Terms
In this Law, the following terms are understood as follows:
...
- Goods include:
a) All types of movable property, including future movable property;
b) Things attached to land.
...
Thus, goods only include: all types of movable property, including future movable property; things attached to land without any regulation on virtual currency being goods. Currently, no specific legal framework exists for this subject.
According to Official Dispatch 5747/NHNN-PC 2017 of the State Bank of Vietnam guiding as follows:
Based on the above regulations, virtual currency, in general, and Bitcoin, Litecoin, in particular, are not currencies and are not legal means of payment as prescribed by Vietnamese law. The issuance, provision, or use of virtual currency, in general, and Bitcoin, Litecoin, in particular (illegal means of payment) as currency or means of payment is prohibited. Sanctions for handling this behavior have been stipulated in Decree 96/2014/ND-CP of the Government of Vietnam on administrative sanctions in the monetary and banking sector and the Ciminal Code 2015 (as amended and supplemented). Moreover, regarding investment in virtual currency, the State Bank of Vietnam has repeatedly warned that this investment carries very high risks for investors.
Simultaneously, according to Clause 6 Article 26 of Decree 88/2019/ND-CP, amended by point d Clause 15 Article 1 of Decree 143/2021/ND-CP regulating violations on payment activities as follows:
Violation of Payment Activity Regulations
...
- A fine of 50,000,000 VND to 100,000,000 VND applies to one of the following violations:
...
d) Issuing, providing, or using illegal payment instruments without reaching the level of criminal liability;
...
Therefore, Pi Network, in particular, and virtual currency, in general, are not currency and are not legal payment means under Vietnamese law, so trading Pi Network is illegal.
Hence, Pi Network is not subject to personal income tax, VAT. However, note that if trading Pi Network without reaching the level of criminal liability, one might face fines ranging from 50,000,000 VND to 100,000,000 VND.
Note: The aforementioned fine is applied to individuals; the fine for organizations is twice that imposed on individuals (point b Clause 3 Article 3 of Decree 88/2019/ND-CP).
Which income is exempt from Personal Income Tax in Vietnam?
Based on Article 4 of the Law on Personal Income Tax 2007, supplemented by Clause 3 Article 2 of the Law Amending the Laws on Tax 2014 and amended by Clause 2 Article 1 of the Law on Personal Income Tax Amendment 2012 stipulates the income exempt from personal income tax as follows:
- Income from real estate transfers between spouses; biological parents and biological children; adoptive parents and adoptive children; parents-in-law and daughter-in-law, son-in-law; grandparents and grandchildren; siblings.
- Income from the transfer of houses, residential land use rights, and assets attached to residential land of individuals in cases where they own only one house, residential land.
- Income from the value of land use rights of individuals who are allocated land by the State.
- Income from inheritance, gifts of real estate between spouses; biological parents and biological children; adoptive parents and adoptive children; parents-in-law and daughter-in-law, son-in-law; grandparents and grandchildren; siblings.
- Income of households and individuals directly engaged in agriculture, forestry, salt making, aquaculture, not yet processed into other products or only through preliminary processing.
- Income from the conversion of agricultural land of households and individuals who are allocated by the State for production.
- Income from interest on deposits at credit institutions, interest from life insurance contracts.
- Income from remittances.
- Night shift and overtime wages are higher than those for work during the day or within shift hours as prescribed by law.
- Retirement pensions paid by the Social Insurance Fund; retirement pensions paid by voluntary retirement fund monthly.
- Income from scholarships, including:
+ Scholarships funded by the state budget;
+ Scholarships received from organizations inside and outside the country under the academic support programs of that organization.
- Income from insurance contracts compensation for life insurance, non-life insurance, work accident compensation, state compensation, and other compensations as prescribed by law.
- Income received from charity funds established or recognized by competent state agencies operating for charitable, humanitarian, non-profit purposes.
- Income received from foreign aid for charitable, humanitarian purposes in the form of government and non-government approved by competent state agencies.
- Income from salaries, wages of Vietnamese seamen working for foreign shipping carriers or Vietnamese shipping carriers transporting internationally.
- Income of individuals as ship owners, individuals with the right to use ships, and individuals working on ships from providing goods and services directly serving offshore fishing.
