Pi Coin is becoming an increasingly popular means of payment in various countries, including China, Vietnam, South Korea, Thailand, India and even the United States. Many businesses and individuals are beginning to accept Pi as payment for a variety of goods and services – from coffee to automobiles. A prominent example is China, where BYD Auto Service in Changsha allows car purchases exclusively through Pi. Approximately 40 users here have bought cars at a price equivalent to the global consensus value (GCV) of $314,159 for 1 Pi.
In Vietnam, Pi Coin is becoming mainstream thanks to smaller businesses, such as Queanh Gia Coffee, which accepts payments with the cryptocurrency. One user on social network X (formerly Twitter) said that a breakfast menu can be purchased for as little as 0.003 Pi. Similar trends are evident in South Korea, where some businesses accept Pi in part – for example, a plastic surgery shop allows payment of 50% of the price in Pi, with its value set at around $37 per Pi here.
Thailand has joined the adoption of Pi Coin by recently holding a shopping event where it was possible to pay with this currency. The event promoted the community’s efforts to push for a GCV of $314.159 per 1 Pi. In the US, businesses in Florida have begun accepting Pi as payment, taking the currency beyond the Asian market and expanding its influence into the Western world.
However, along with the increasing use of Pi come regulatory hurdles. Chinese authorities warn against the Pi Network and some exchange officials label it a fraudulent project. Vietnamese police have issued an official warning that Pi has no practical use and its value is purely speculative. Thailand banned digital asset payments as early as April 2022, meaning Pi transactions may be illegal. South Korea does not officially recognize cryptocurrencies as a legal means of payment, which could complicate wider adoption of the currency.
Despite these regulatory issues, merchant confidence in Pi Coin as an alternative digital currency is growing. Adoption in Asia and now parts of the US suggests interest in a peer-to-peer payment system that could change the way people transact in the future.