In Summary
Merchants in China, Vietnam, South Korea, Thailand, and the US are increasingly accepting Pi Coin. In China, a BYD dealership allowed full vehicle purchases with Pi, while businesses in Vietnam and South Korea allowed partial payments.
Authorities in China, Vietnam, and Thailand have warned about the legality of Pi Coin, creating risks for continued acceptance.
Promo:
Trade on BYDFi and get a chance to win prizes like an iPhone 16, a Rolex watch, and more!
Pi Network’s native token, Pi Coin, continues to see increased adoption from retailers, expanding from the US to Asia.
This marks an unexpected step towards widespread adoption despite the unclear regulatory framework.
Pi Network Sees Increased Payment Acceptance with PI
Countries such as China, Vietnam, South Korea, Thailand, India, and even the United States are accepting payments in Pi Coin. Specifically, individuals and businesses are conducting payments with Pi for a variety of goods and services, from coffee to cars.
One of the most notable examples of Pi adoption comes from China. Reportedly, a BYD Auto Service Company in Changsha City, Hunan Province, is supporting car sales through full payment in Pi.
According to Doris Yin, founder of the Pi Network Global GCV Movement, around 40 Chinese pioneers have purchased cars at a fixed global consensus value (GCV) of $314,159 per Pi.
“I verified this information with Mr. Li Shao from the Hunan Pi Network Merchant Association. The price of 0.2 Pi includes all related fees,” Yin shared.
She also cited financial support from investors such as Gaoling Group and Sequoia Capital, highlighting the 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 with Pi, highlighting the token’s growing real-world use.
A user on X (formerly Twitter) shared that a breakfast could be purchased for just 0.003 Pi, making transactions affordable and practical.
Elsewhere, in South Korea, Pi Network’s Pi coin is also seeing growing acceptance. Reportedly, several businesses now allow partial payments with the token. A cosmetic surgery clinic has started accepting Pi for 50% of its payments, valuing the coin at approximately $37 per Pi.
“In Korea, another cosmetic surgery clinic accepts payments in Pi. Only 50% acceptance of payment in Pi. 1 Pi is valued at around $37,” a Pi-focused news outlet shared.
Many retail stores and cafes have also joined the trend, allowing Pi holders to use their coins in everyday transactions.
Similarly, Thailand recently hosted a shopping event where Pi Coin was used as a means of payment, reinforcing the community’s push for the token’s acceptance.
“πGCV: GCV Community from Thailand held a shopping event with payment in π coin. Keep fighting for πGCV314159$. Fighting for π and GCV to the end. GCV,” Pi Global News wrote in a post.
Meanwhile, in the United States, businesses in Florida have reportedly begun accepting Pi for transactions. These developments mark a significant milestone for Pi Network’s Pi Coin beyond the US and across Asia.
Regulatory Concerns: China, Vietnam, Thailand, and South Korea
While Pi Network’s acceptance is accelerating, it has also sparked controversy. Chinese authorities have issued warnings against Pi Network, with some exchange officials labeling it a scam project and expressing concerns about its legality.
Vietnamese 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-proclaimed, leading many people to misunderstand its true value,” authorities stated.
Meanwhile, Reuters reported Thailand’s firm stance, prohibiting payments with digital assets altogether since April 2022. This makes Pi transactions potentially illegal in the country. Meanwhile, South Korea does not officially recognize cryptocurrencies as legal tender, which could create barriers for businesses accepting Pi transactions.
Despite these regulatory challenges, Pi Network’s acceptance by retailers worldwide indicates a growing belief in its potential as a viable digital currency. The community’s push for adoption, especially in Asia and now in parts of the US, underscores the demand for an alternative peer-to-peer (P2P) payment method
Pi Network’s PI token is trading at $1.6525 at the time of writing, down over 12% since the Monday trading session opened.
All information on our website is published in good faith and for general informational purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk, and they should re-evaluate it
Read more: If you need a product to assist with tax issues and portfolio management in crypto, check out CoinLedger
