The cryptocurrency world witnessed a significant milestone on February 20, 2025, as Pi Network (PI) made its official debut on OKX, one of the leading global digital asset exchanges. The listing marked a pivotal moment for the long-anticipated project, which has built a massive community of mobile miners over several years. But what is the current Pi Network price on OKX, and how has it performed since going live? This article dives into the latest market data, price volatility, legal considerations in Vietnam, and what investors should know before participating.
Pi Network Launches on OKX at $2, Faces Immediate Volatility
At 3:00 PM on February 20, 2025, Pi Network (PI) was officially listed on OKX with an opening price of approximately $2.00 per PI token. The launch generated high anticipation among the Pi community, many of whom had mined the token through the app for years without access to open markets.
However, the initial excitement was quickly met with sharp price fluctuations. Within the first 45 minutes of trading, the price dropped dramatically to $1.18**, reflecting strong selling pressure from early holders looking to cash out. This was followed by a partial recovery, with the price rebounding to **$1.892 by 3:45 PM.
By February 21, 2025, at 8:10 AM, the Pi Network price had further declined to $0.8817 per PI, representing a 44.44% drop from earlier levels. In Vietnamese Dong (VND), it traded at 22,480.56 VND/PI, down 44.49%. This sustained downward trend highlights the challenges new tokens face post-listing, especially when transitioning from closed ecosystems to open markets.
👉 Discover real-time Pi Network price trends and trading insights here.
Why Is Pi Network Experiencing Such Volatility?
Several factors contributed to the sharp price swings:
- Profit-taking by early miners: Many users who accumulated PI during the mining phase opted to sell immediately upon listing.
- Market sentiment mismatch: Pre-listing speculation drove expectations above realistic valuations, leading to disappointment when actual prices settled lower.
- Liquidity imbalances: Initial trading volumes may not have been sufficient to absorb large sell orders, amplifying downward pressure.
These dynamics are common in newly listed cryptocurrencies but underscore the importance of cautious investment strategies.
Is Pi Network Legal for Payments in Vietnam?
A critical question for Vietnamese users is whether Pi Network can be used as a legal payment method within the country. The answer, based on current regulations, is no.
According to Article 17 of the State Bank of Vietnam Law (2010):
"The State Bank of Vietnam is the sole authority responsible for issuing paper and metallic currency. Such currency is the only legal tender in the Socialist Republic of Vietnam."
This means only Vietnamese Dong (VND), issued by the central bank, holds legal status as a payment instrument.
Furthermore, in Official Dispatch 5747/NHNN-PC (2017), the State Bank clarified that:
"Virtual currencies in general—and Bitcoin, Litecoin in particular—are not considered legal tender or lawful payment methods under Vietnamese law. The issuance, supply, or use of virtual currencies as money or payment instruments is strictly prohibited."
Since Pi Network falls under the category of virtual assets or cryptocurrencies, it is not recognized as legal tender in Vietnam. Using PI for transactions such as purchasing goods or paying salaries would violate existing financial regulations.
Additionally, the State Bank has repeatedly warned the public about the high risks associated with cryptocurrency investments, including extreme volatility, fraud potential, and lack of consumer protection.
Legal Consequences of Using Unauthorized Payment Methods in Vietnam
Under Article 206 of the 2015 Criminal Code (amended in 2017), engaging in prohibited financial activities—including the use of unauthorized payment methods—can lead to criminal liability.
Key provisions include:
- Paragraph (1): Individuals who issue, supply, or use unauthorized payment instruments may face fines between 50 million and 300 million VND or imprisonment from 6 months to 3 years if damages range from 100 million to under 300 million VND.
- Paragraph (2): For damages between 300 million and 1 billion VND, prison terms increase to 3–7 years.
- Paragraph (4): If losses exceed 3 billion VND, offenders may face 12 to 20 years in prison.
These penalties apply not only to large-scale operators but also to individuals involved in systemic violations of monetary regulations. Therefore, using Pi Network or other cryptocurrencies for widespread commercial transactions in Vietnam could expose users to serious legal consequences.
Frequently Asked Questions (FAQ)
Q1: What is the current Pi Network price on OKX?
As of February 21, 2025, Pi Network (PI) is trading at approximately $0.8817 on OKX. Prices are highly volatile and may change rapidly due to market conditions.
Q2: Why did Pi Network's price drop after listing?
The decline followed typical post-listing patterns—early sellers liquidated holdings, market expectations were overly optimistic, and liquidity constraints amplified downward moves. Such volatility is common for newly listed digital assets.
Q3: Can I mine Pi Network and sell it directly on OKX?
Mining occurs within the Pi app ecosystem. Only verified users with migrated balances can transfer PI to external wallets and trade on OKX. Not all mined PI is immediately eligible for trading.
Q4: Is investing in Pi Network safe?
All cryptocurrency investments carry risk. PI’s long development cycle and delayed mainnet launch mean added uncertainty. Investors should conduct thorough research and only allocate funds they can afford to lose.
Q5: Can businesses in Vietnam accept Pi Network as payment?
No. Under Vietnamese law, only state-issued currency is legal tender. Accepting PI or any cryptocurrency as payment violates financial regulations and may result in penalties.
Q6: Will Pi Network stabilize in value over time?
Price stability depends on adoption, utility development, exchange liquidity, and broader market sentiment. Currently, PI remains speculative, and stabilization may take months or years—if achieved at all.
Key Takeaways for Investors and Users
Pi Network’s listing on OKX represents a major step toward mainstream recognition. However, its post-listing performance shows that market confidence must be earned over time—not assumed from community size alone.
For users in Vietnam and other regulated markets:
- PI is not legal tender
- Using it for payments is prohibited
- Investment carries significant financial and legal risks
While global interest in decentralized technologies continues to grow, regulatory frameworks remain strict in many countries. Users should prioritize compliance and security when interacting with any cryptocurrency.
Whether Pi Network can evolve from a mobile-mining project into a sustainable digital asset will depend on transparent governance, real-world utility, and long-term ecosystem development—not just short-term price movements.
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