The native Token of the Pi Network, Pi Coin, continues to see increased adoption from retailers, expanding from the US to Asia.
This marks an unexpected step towards widespread acceptance, despite the unclear regulatory framework.
Pi Network sees increased adoption of PI payments
Countries such as China, Vietnam, South Korea, Thailand, India, and even the US are accepting payments in Pi Coin. Specifically, individuals and businesses are making payments in Pi for various goods and services, from coffee to automobiles.
One of the most notable examples of Pi acceptance comes from China. It is reported that the BYD Automotive Services Company in Changsha, Hunan Province, is supporting car sales through payments made entirely in Pi.
According to Doris Yin, the 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 have verified this information with Mr. Li Shao from the Hunan Pi Network Merchants Association. The price of 0.2 Pi includes all related fees," Yin shared.
She also cited financial support from investors like the Gaoling Group and Sequoia Capital, emphasizing the growing trust in the Pi ecosystem.
Similarly, in Vietnam, small businesses have also started integrating Pi Coin into their daily transactions. Queanh Gia Coffee now allows customers to pay with Pi, highlighting the increasing use of this Token in practice.
A user on X (formerly Twitter) shared that a breakfast meal can be purchased with just 0.003 Pi, making the transactions affordable and practical.
Elsewhere, in South Korea, the Pi Coin of the Pi Network is also witnessing increasing acceptance. It is reported that some businesses now allow partial payments in this Token. A plastic surgery clinic has started accepting Pi for 50% of its payments, valuing the coin at around $37 per Pi.
"In South Korea, another plastic surgery clinic is accepting payments in Pi. Only 50% of the payment is accepted in Pi. 1 Pi is valued at around $37," a news page focused on Pi shared.
Many retail stores and coffee shops have also joined this trend, allowing Pi owners to use their coins in daily transactions.
Similarly, Thailand recently hosted a shopping event where Pi Coin was used as a means of payment, reinforcing the community's push for the acceptance of this Token.
"πGCV: The GCV community from Thailand has organized a shopping event with payments in π coin. Let's keep fighting for πGCV314159$. Fight for π and GCV to the end. GCV," Pi Global News wrote in a post.
Meanwhile, in the US, businesses in Florida are reported to have started accepting Pi for transactions. These developments mark a significant milestone for the Pi Coin of the Pi Network beyond the US and across Asia.
Regulatory concerns: China, Vietnam, Thailand, and South Korea
While the adoption of the Pi Network is accelerating, it has also sparked controversies. The Chinese authorities have warned against the Pi Network, with some exchange officials calling it a scam project and expressing concerns about its legality.
The Vietnamese police have also issued a legal warning, cautioning the public about the risks of using Pi Coin for payments.
"Pi lacks practical applications; its value is self-determined, leading many to misunderstand its real value," the authorities stated.
Meanwhile, Reuters reported Thailand's firm stance, banning the use of digital assets for payments entirely from April 2022. This could make Pi transactions illegal within the country. Similarly, South Korea does not officially recognize cryptocurrencies as legal tender, which may create barriers for businesses accepting Pi transactions.
Despite these regulatory challenges, the acceptance of the Pi Network by retailers worldwide demonstrates the growing trust in its potential as a viable digital currency. The push from the community for adoption, particularly in Asia and currently in some US regions, underscores the demand for an alternative peer-to-peer (P2P) payment method.
Price performance of the PI token of the Pi Network. Source: OKXThe PI token of the Pi Network is trading at $1.6525 at the time of writing, down over 12% since the start of the trading week.
