China’s Regulatory Crackdown on ’Air Coins’ Intensifies, Targeting Pi Network

Chinese authorities have escalated warnings against VIRTUAL currencies, explicitly naming Pi Coin in a recent regulatory notice. The alert focuses on tokens lacking clear utility or technological innovation, categorizing them as vehicles for illegal fundraising and capital flight.

Regulators describe the Pi coin—whether the official Pi Network token or imitators—as emblematic of speculative assets with weak fundamentals. The closed, centralized nature of the project and its limited real-world adoption have drawn particular scrutiny. "These virtual assets under the guise of mining facilitate pyramid schemes and illicit capital movements," stated officials.

With millions of mainland users reportedly engaged in Pi Network activities, the warning highlights growing concerns about consumer protection in China's crypto gray market. The notice underscores a persistent regulatory stance: innovation claims require substantiation, and speculative mania invites intervention.