As VietNamNet reported, Pi coin of Pi Network project was officially listed on cryptocurrency exchanges on February 20, and on March 14, the KYC process for previous Pi miners was officially closed.

Pinetwork
Millions of people are still waiting to unlock Pi to put it on the exchange. Illustration photo: PV

Some people lost all of their mined Pi due to failed KYC, while others lost 20-50% of their Pi due to their fellow miners not performing KYC.

However, even if KYC is successful, in order to be able to trade Pi on cryptocurrency exchanges, Pi miners will still have to wait for step 9 (the step of transferring Pi to the mainnet or in other words, putting Pi on the exchange for sale) to be passed.

It is worth mentioning that Pi miners will have to wait a long time, some have waited from 6 - 8 months, some have waited 2 years and some have even waited up to 3 years, but the system has not yet "cleared" them to put Pi on the market for sale. According to records from the Pi Network community, there are millions of Pi miners waiting for this approval step.

Mr. HP in Ho Chi Minh City said that it has been 8 months since his successful KYC, but the system has not yet approved Pi to put it on the exchanges. Every day, he still logs into the application to mine and wait as a habit. When asked if he is disappointed with Pi Network's way of doing things, Mr. HP shared that he is not disappointed or frustrated at all, but just considers himself unlucky.

Meanwhile, Mr. NH, another Pi miner, informed that after completing KYC, he waited for 3 years and until now the system has not allowed him to transfer Pi to cryptocurrency exchanges, more than 2000 Pi he owns is still locked. He said that he still mines Pi every day and waits for the day to sell.

“I still open the app and click on the lightning bolt to receive Pi as a daily habit. Since it is completely free, I don’t lose much so I still mine. With the current Pi price, I can earn a few thousand USD, so I feel it is worth the wait,” said Mr. NH.

Luckier than the above people, Mr. TA was allowed by the system to transfer part of the mined Pi to the exchange. He said that he started mining Pi in 2019 and had nearly 2000 Pi. At that time, he had also completed KYC, but stopped mining; when there was news of Pi mainnet, he reopened his account and was allowed to transfer 190 Pi to the exchange for sale, the remaining 1700 Pi will be opened after 3 months.

“I have sold all the Pi listed on the exchange at the price of 1.7 USD/Pi, invited my friends to a drinking party, now waiting for 3 more months to open all the remaining Pi and sell it to buy a new motorbike”, Mr. TA is optimistic.

However, besides the optimists, there are also some Pi miners who feel disappointed, when they still have to wait too long to be able to sell the Pi coins they own. Some feel lost faith in the project; said they will stop mining to switch to some new virtual currencies, with the same operating mechanism as Pi.

The Pi Network team is still a mystery. Many people who mine Pi information, they also do not know who to contact to ask questions when having problems, most of them go to online communities to ask more knowledgeable people and ask for instructions. Many gullible people have been scammed by bad guys and have all the Pi they have mined taken away.

According to records, up to now, Pi price is still being traded at 1.3 - 1.5 USD/Pi and there are no signs of rebounding.

In Vietnam, there are currently no regulations on cryptocurrency transactions. The State Bank has also repeatedly warned that owning, buying, selling, and using Bitcoin and other similar cryptocurrencies as a type of asset poses many risks to people and is not protected by law.
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