What is Pi Network price today in Vietnamese dong? Is income from Pi Network subject to VAT in Vietnam?

What is Pi Network price today in Vietnamese dong?

(1) What is the term Pi Network Price?

Pi Network Price refers to the value of the digital currency Pi (PI) on the market. This is the price at which buyers are willing to pay and sellers are willing to accept in transactions involving Pi.

However, since Pi Network is not officially listed on major exchanges, Pi's price is currently a controversial topic and has not been widely recognized at an official price.

To better understand Pi Network Price, we first need to know what Pi Network is and its characteristics.

What is Pi Network?

Pi Network is a cryptocurrency project that was launched on March 14, 2019, developed by a group of PhDs from Stanford University. This project aims to create a user-friendly digital currency, allowing users to mine Pi directly on their phones without needing powerful hardware like Bitcoin or Ethereum.

Special Features of Pi Network?

Pi Network has many outstanding features that distinguish it from traditional cryptocurrencies. Below are the key elements that contribute to the uniqueness of this project:

- Easy mining on mobile phones

Unlike Bitcoin, which requires strong hardware and consumes a lot of electricity to mine, Pi Network allows users to mine Pi directly on their phones. By simply opening the app daily and pressing the confirmation button, users can continue the mining process without consuming resources or draining the battery.

- Utilizing Stellar Consensus Protocol (SCP)

Instead of using Proof of Work (PoW) like Bitcoin, Pi Network applies Stellar Consensus Protocol (SCP) - a consensus mechanism that helps verify transactions quickly, with energy efficiency, and is more environmentally friendly.

- A large and vibrant user community

Since its launch, Pi Network has attracted tens of millions of users globally, including in Vietnam. The massive participation of the community not only helps to expand the ecosystem but also promotes the potential value of Pi in the future.

- Referral and network development model

Pi Network applies an affiliate marketing model, encouraging users to invite more members to join. When successfully introducing new members, users' Pi mining speed will be enhanced, creating motivation for rapid network expansion.

What is Pi Network price today in USD?

As of 9:00 AM, February 21, 2025, the price of Pi Network (PI) is fluctuating around 0.84 USD (approximately 21,620 VND).

Thus, currently, 1 Pi is approximately equivalent to 21,620 VND.

Note that the cryptocurrency market experiences significant fluctuations frequently; therefore, investors should closely monitor exchanges and market information to update the current value of Pi Network.

Below is the Pi Network price chart today listed on OKX exchange:

Pi Network price today listed on the OKX exchange

After being officially listed on February 20, 2025, with an initial price of approximately 2 USD, Pi has experienced strong fluctuations, at times decreasing to 0.6 USD. Currently, other major exchanges like Binance and Bitget have not listed Pi.

Note: The information is for reference only and should not be considered investment advice. Investors should self-research and consider thoroughly before making decisions!

See more:

>>> How much is 1 Pi in Vietnamese Dong?

>>> How to mine Pi Network on the latest phones in 2025?

See new:

>>> On which exchanges is Pi Network listed?

>>> What is the Pi Network price today?

What is Pi Network price today in Vietnamese dong? (Image from the Internet)

Is income from Pi Network subject to VAT in Vietnam?

Based on Article 3 Law on Value-Added Tax 2008 as follows:

Taxable Objects

Goods and services used for production, business, and consumption in Vietnam are subject to value-added tax, except for the subjects specified in Article 5 of this Law.

However, up to this point, there has been no legal document stipulating that virtual money is a good or service used for production, business, and consumption in Vietnam.

Based on Article 3 Commercial Law 2005 regarding the definition of goods, it is regulated as follows:

Interpretation of Terms

In this Law, the following terms are understood as follows:

...

2. Goods include:

a) All types of movable properties, including future movable properties;

b) Items attached to land.

...

Thus, goods only include: all types of movable properties, including future movable properties; items attached to land without any regulation on virtual money as goods.

Based on Official Dispatch 5747/NHNN-PC 2017 of the State Bank of Vietnam guiding as follows:

Based on the above provisions, virtual money in general and Bitcoin, Litecoin in particular, are neither currency nor a legal means of payment according to Vietnamese law. The issuance, supply, and use of virtual money in general and Bitcoin, Litecoin in particular (illegal means of payment) as currency or payment method is prohibited. This act is subject to sanctions as prescribed in Decree 96/2014/ND-CP of the Government of Vietnam on sanctioning administrative violations in monetary and banking fields and the Criminal Code 2015 (as amended, supplemented). Furthermore, regarding investment in virtual money, the State Bank of Vietnam has repeatedly warned that this investment poses very high risks for investors.

Concurrently, based on Clause 6 Article 26 Decree 88/2019/ND-CP, amended by Point d Clause 15 Article 1 Decree 143/2021/ND-CP regulating violations of payment activities as follows:

Violation of payment activities regulations

...

6. A fine of 50,000,000 VND to 100,000,000 VND for any of the following violations:

...

d) Issuing, supplying, using illegal payment means without reaching the level of criminal liability;

...

Thus, it can be seen that Pi Network is neither currency nor a legal payment method according to Vietnamese law, so trading in Pi Network is illegal.

Therefore, Pi Network is not subject to value-added tax. Note that if trading Pi Network without reaching the level of criminal liability, a fine of 50,000,000 VND to 100,000,000 VND may be imposed.

Note: The above fine is applicable to individuals; the fine for organizations is double the fine applicable to individuals (Point b Clause 3 Article 3 Decree 88/2019/ND-CP).