Important Statement by the Chinese Government About Pi Coin:

The Chinese Government made a statement regarding a rumor that has recently spread rapidly on the internet and clearly emphasized that the claims that Pi Coin can be exchanged for Yuan are completely false. These important statements were made by China Economic Daily News, a respected and specialized newspaper in China's economy.

The source of the news was a misinterpretation of a video. The publisher of the video mistakenly identified the “Pi-type approval department” office window at a local community service center as the teller window at a physical bank branch. This misunderstanding caused claims of Pi Coin to be exchanged for yuan to spread rapidly.

Chinese internet police have stated that the so-called free mining of Pi Coin is a fraud attempt aimed at selling users' personal information for financial gain and warned people to stay away from such projects.

Liang Si, an independent researcher from the People's Bank of China, emphasized that speculating on Pi Coin carries great risks. He noted that such virtual currencies are not backed by any real assets or productive labor and do not have a solid basis of value. He also pointed out that such currencies involve various risks, such as serious price fluctuations, lack of information, transaction security issues, lack of regulations and liquidity shortages.

"The only legal institution for currency issuance in China is the People's Bank of China," said Lou Feipeng, a researcher at the China Postal Savings Bank, emphasizing that virtual currencies are not real currencies. He also added, “Virtual currencies such as Pi Coin are not issued by the People's Bank of China and therefore do not have any exchange relationship with the RMB.”