What is the current price of Pi Network in Vietnamese dong today? Shall there be legal regulations for virtual currencies in Vietnam in the future?

What is the current price of Pi Network in Vietnamese dong?

As of 8:15 AM on February 21, 2025, the price of Pi Network (PI) is fluctuating around 0.9 USD (approximately 22,479.44 VND) on exchanges such as OKX and MEXC.

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

Pi Network price today listed on the OKX exchange

After officially being listed on February 20, 2025, with an initial price of around 2 USD, the Pi coin has experienced significant volatility, at times dropping to 0.6 USD. Currently, major exchanges like Binance and Bitget have yet to list the Pi coin.

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

What is the fully diluted valuation of Pi Network (PI)?

The fully diluted valuation (FDV) of Pi Network (PI) is 8,407,135,197 USD. This is a statistical representation of the maximum market capitalization, assuming that the maximum number of 100 billion PI tokens are all in circulation today. Depending on the PI token release schedule, it may take many years to reach the FDV.

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!

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

Is income from Pi Network taxable in Vietnam?

Pursuant to Clause 1, Article 3 of the Personal Income Tax Law 2007, as amended by Clause 1, Article 2 of the Law on Amendments to Tax Laws 2014, the regulation is as follows:

Taxable Income

Personal taxable income includes the following types of income, except for tax-exempt income as specified in Article 4 of this Law:

1. Income from business activities, including:

a) Income from production, business activities of goods, services;

b) Income from independent professional activities of individuals possessing practice certificates or licenses as prescribed by law.

Income from business activities specified in this clause does not include income of business individuals with an annual revenue of 100 million VND or less.

...

In addition, based on Official Dispatch 5747/NHNN-PC 2017 from the State Bank of Vietnam, the guidance is as follows:

According to the above regulations, virtual currencies in general and Bitcoin, Litecoin, in particular, are not recognized as currency and are not a legal means of payment under Vietnamese law. The issuance, provision, and use of virtual currencies in general and Bitcoin, Litecoin, in particular, (illegal means of payment) as currency or means of payment is prohibited. Penalties for this behavior have been specified in Decree 96/2014/ND-CP of the Government of Vietnam on administrative penalties in the monetary and banking sector and the Criminal Code 2015 (as amended and supplemented). Furthermore, regarding investment in virtual currencies, the State Bank of Vietnam has repeatedly warned that such investment carries very high risks for investors.

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

Violations of payment activity regulations

...

6. A fine ranging from 50,000,000 VND to 100,000,000 VND shall be imposed for any of the following violations:

...

d) Issuance, provision, use of illegal means of payment that do not reach the level of criminal liability;

...

Thus, it can be seen that Pi Network is neither a currency nor a legal means of payment under Vietnamese law, and therefore transactions involving Pi Network are illegal. Consequently, income from Pi Network is not subject to personal income tax (PIT).

However, note that if buying and selling Pi Network does not reach the level of criminal liability, one could be fined from 50,000,000 VND to 100,000,000 VND.

Note: The fines mentioned above apply to individuals; fines for organizations are twice the fines for individuals (Point b, Clause 3, Article 3 of Decree 88/2019/ND-CP).

Shall there be legal regulations for virtual currencies in Vietnam in the future?

On February 7, 2025, the Government of Vietnam issued Resolution 27/NQ-CP regarding the regular government meeting in January 2025.

In this, the Government of Vietnam assigned the Ministry of Finance several key tasks as follows:

- Urgently complete the proposal dossier for developing legal documents regulating "digital assets" ("virtual assets", "cryptographic assets"), managing transactions related to "digital assets" ("virtual assets", "cryptographic assets") as directed by the Prime Minister of the Government of Vietnam in Decision 424/QD-TTg 2024, directions from Government leaders in official documents numbered: 4152/VPCP-KTTH dated October 15, 2024, 4452/VPCP-KTTH dated November 4, 2024, 313/VPCP-KTTH dated January 23, 2025, of the Office of the Government of Vietnam and relevant documents, to avoid further delays.

- Develop comprehensive financial, insurance, and securities markets. Implement the proposed solutions in the Strategy for developing the securities market until 2030 approved by the Prime Minister of the Government of Vietnam. Implement decisive solutions to upgrade the securities market in 2025.

- Complete and report to the Prime Minister of the Government of Vietnam before February 20, 2025, on the draft Law on Investment and State Capital Management in Enterprises after incorporating the National Assembly's feedback at the 8th session and the directions of the Government of Vietnam and its leaders.

- Focus on finalizing the proposal for government guarantee limits and on-lending limits according to the directions of Government leaders in official document number 637/VPCP-KTTH dated January 23, 2025, of the Office of the Government of Vietnam.

Based on the directives mentioned above, it is anticipated that Vietnam will soon have a legal framework to regulate and manage transactions related to digital assets, including cryptocurrencies and cryptographic assets.

It is noted that according to Decision 424/QD-TTg 2024, the Prime Minister has assigned the Ministry of Finance to lead, in cooperation with the Ministry of Industry and Trade, Ministry of Information and Communications, Ministry of Public Security, Ministry of Science and Technology, Ministry of Planning and Investment, Ministry of Justice, State Bank of Vietnam and other related agencies, to research, summarize practices, and consult international experiences to propose the development of legal documents regulating "digital assets" ("virtual assets", "cryptographic assets"), manage transactions related to "digital assets" ("virtual assets", "cryptographic assets").