Investigation Launched into 1,500-Person Cryptocurrency Gathering by Vietnamese Authorities

Police in Bac Ninh Province, located in northern Vietnam, have launched an investigation into a face-to-face gathering that took place at a restaurant in Tu Son City. The event, named ‘Vietnam GCV 314.159,’ attracted over 1,500 attendees who convened to discuss the Pi cryptocurrency. Photos of participants wearing purple shirts adorned with the Pi logo quickly spread across social media platforms in Vietnam. Reports indicate that each guest paid VND390,000 (US$16.5) for a ticket to attend the event.

During the meetup, some organizers and attendees reportedly engaged in the exchange of motorbikes, refrigerators, televisions, and washing machines for the Pi cryptocurrency. However, it is important to note that the Vietnamese government, in accordance with Decree 80/2016, does not recognize bitcoin or any other cryptocurrencies as legal means of payment. Nguyen Hoang Minh, the deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam, emphasized that the issuance, supply, and use of virtual currencies for payment are prohibited in the country. The central bank has consistently reaffirmed that virtual currencies are not considered legal tender. Violations of these regulations can result in legal sanctions, Minh added.