WeChat Denies RMB Exchangeable π Coin Claims
On November 1st, the WeChat Security Center debunked claims that π Coin can be exchanged for RMB in China, stating these rumors are false. This incident highlights risks of misinformation in cryptocurrency markets, emphasizing lack of official support for π Coin exchangeability and potential scams targeting naive investors.
The WeChat Security Center issued an alert addressing viral videos falsely claiming π Coin's exchangeability for RMB, sparking public curiosity. This misinformation featured a local office's "π"-shaped approval window, misinterpreted inadvertently as supporting π Coin.
The video misinterpretation has no basis, clarified leading Chinese institutions. "Virtual currencies like 'π Coin' are not issued by the People's Bank of China and have no exchange relationship with the RMB," noted Lou Feipeng, Researcher, China Postal Savings Bank.
Despite WeChat's robust warnings, community rumor responses remain mixed. Many continue reporting misleading coverage of cryptocurrency legitimacy, though authorities emphasize vigilant skepticism over such digital currency representations.
Regulatory Challenges and Market Volatility Surrounding π Coin
Did you know? Past false exchange rumors often involved π Coin, despite its lack of sustained backing or legitimate trading paths, illustrating ongoing misinformation challenges.
According to CoinMarketCap, Pi (PI) currently trades at $0.25 with a market cap of $2.05 billion, reflecting a 0.06% market dominance. Despite a 24-hour trading volume drop of 49.25%, Pi saw a 19.04% price increase over seven days, yet experienced a 32.11% decrease over 90 days, as of November 1, 2025.
Research from Coincu underscores ongoing regulatory hurdles for cryptocurrencies akin to π Coin, as major banks and authorities highlight a lack of substantial backing. Historical trends suggest continued vigilance among investors regarding speculative digital assets.