Caution to the Public on Pi cryptocurrency

The Royal Monetary Authority of Bhutan informs the general public that the so-called Pi social currency is on the rise and has attracted strong attention among the Bhutanese. Pi can be earned by tapping on the mine button in the app, which is available for download on mobile phones through the referral links and invite codes. Mining using Pi Network does not require high end computing devices and consumes less power to solve an algorithm unlike other popular cryptocurrencies. This holds to be the main motivation to the growing Pi community with over 8 million engaged Pi miners across 175 countries, according to the Pi Network.

Given the ease of mining Pi, there will be lures and enticements offered to invest in earning more Pi currency. However, the RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained. Currently, Pi has no monetary value, but with the ease of mining through one`s mobile phones, it can be very tempting to venture in with investments. Therefore, the general public is encouraged to take note of the following underlying concerns:

• Pi is still in its initial stage and has too many unknowns, such as how safe the algorithm is, the legality and safety of the user information, etc. As such, Pi is unregulated, does not have a legal status nor backed by underlying assets.
• Transactions in cryptocurrencies, such as Pi, are largely untraceable and anonymous making them susceptible to abuse.

Therefore, the RMA urges the general public to exercise due diligence and prudence to avoid exposing to risks that may pose potential monetary losses through mining Pi. The RMA will continue to monitor the developments and share our stance accordingly.