Launched in 2019 by Stanford alumni Nicolas Kokkalis, Vince McPhilip, and Chengdiao Fan, Pi Network aims to make cryptocurrency more accessible through mobile mining for everyday users. It found a receptive audience in Southeast Asia, a region characterized by widespread smartphone use and a demand for financial innovation. The project’s journey from its grassroots inception to its current rise in adoption—illustrated by the acceptance of Pi Coin by merchants in Vietnam, Thailand, Malaysia, and the Philippines—has attracted considerable backing. This article examines how Pi Network established itself in Southeast Asia and the factors contributing to its current growth, despite facing regulatory challenges and skepticism.
Initial Steps: Pi Network’s Introduction to Southeast Asia
Pi Network gained traction in Southeast Asia by offering an easy entry point for users. Unlike Bitcoin, whose mining requires significant energy, Pi employs a modified Stellar Consensus Protocol (SCP) that allows users to “mine” tokens on their smartphones with minimal resource use. This approach resonates particularly well in a region where 93% of Pi users own Android devices priced under $300, according to Gate.io data. By 2021, discussions on X highlighted Indonesia’s uptake, with around 35% of its population said to be mining Pi, motivated by peer-to-peer (P2P) and business-to-consumer (B2C) interests.
The project’s referral-based model, which rewards users for bringing others on board, spurred rapid growth. In the Philippines and Indonesia, where 70% and 50% of the populations are unbanked, respectively, Pi’s promise of financial inclusion has been well-received. Mobile mining allows individuals to participate without any capital investment, appealing to those traditionally excluded from banking systems. Community initiatives, such as educational programs and public marches in neighboring India, echoed similar grassroots movements in Southeast Asia, boosting Pi’s visibility.
By 2023, the introduction of Pi Stores in Malaysia, Vietnam, and the Philippines represented a significant shift toward tangible utility, with merchants accepting Pi Coin for transactions. These early adopters helped build Pi’s ecosystem, instilling trust among users who began to see real-world applications for their mining efforts.
Reasons for Pi Network’s Increasing Popularity in Southeast Asia
As of June 2025, Pi Network’s adoption rates in Southeast Asia have soared, with over 60% of its global user base concentrated in the region, especially in Vietnam (12%), the Philippines (9%), and Indonesia (7%). Several factors contribute to this growing enthusiasm:
- Real-World Use: More merchants are accepting Pi Coin for daily purchases. In Vietnam, Queanh Gia Coffee allows a payment of just 0.003 Pi for breakfast, highlighting its affordability. A shopping event in Thailand in 2025 predominantly used Pi as the payment method, reinforcing community adoption. Grocery stores in Malaysia and various small businesses in the Philippines have also begun to use Pi, indicating its practical utility.
- Financial Access: Pi’s model of mobile mining and P2P transactions effectively addresses the challenge faced by the unbanked population in Southeast Asia. Affordable and rapid transactions provide an alternative to costly remittance services, particularly significant in countries like the Philippines and Indonesia, which are major recipients of remittances. One Filipino Reddit user in 2021 highlighted how Pi allows individuals to engage in cryptocurrency without any upfront costs, reflecting the regional sentiment.
- Tech-Savvy Demographics: The young, digitally connected population in Southeast Asia promotes Pi’s adoption. Countries like Malaysia, Vietnam, and Indonesia have solid internet infrastructure and high smartphone penetration, creating a conducive environment for mobile-based cryptocurrency. The region’s tech-savviness, coupled with an interest in decentralized finance, bolsters Pi’s appeal among younger individuals.
- Community Engagement: Pi’s referral system and emphasis on community governance foster ownership and trust. Users, known as “Pioneers,” enhance security through Security Circles, establishing social bonds that reinforce network integrity. In Vietnam, a robust Pioneer community has advocated for adoption, supported by social media posts showcasing businesses accepting Pi. This sense of loyalty helps mitigate concerns about potential sell-offs, with some communities pledging to hold onto their coins for the long term.
- Regulatory Developments: With Vietnam’s legalization of digital assets slated for January 2026, optimism is on the rise, as posts on social platforms label this development as “bullish” for Pi. While Malaysia and the Philippines are navigating regulatory scrutiny, their increasing openness to blockchain technology offers hope for broader integration.
Challenges Faced by Pi Network
Despite its progress, Pi Network confronts significant obstacles. Regulatory uncertainties persist: Malaysia’s Securities Commission issued warnings in February 2025 regarding unlicensed operations involving Pi, while the Philippines’ central bank raised concerns about possible pyramid scheme implications. Additionally, Vietnam’s police have cautioned against Pi’s “self-assigned” value, echoing similar sentiments from Chinese authorities who have characterized it as a scam. Critics from social platforms like X and various websites, including CCN, argue that Pi resembles a multi-level marketing scheme, disproportionately benefiting early adopters and lacking clear transparency in its financial structure.
Pi’s price fluctuations—reaching a peak of $3.14 in March 2025 before falling to $1.6525 during token unlocks—raise questions about its long-term viability. As early miners hold 60% of the total coins, potential sell-offs could occur when the token is traded on exchanges. Furthermore, the project’s dependence on community enthusiasm, without listings on major exchanges like Binance, hinders liquidity and mainstream acceptance.
Future Prospects: Will Pi Maintain Its Growth?
The future of Pi Network in Southeast Asia will depend on its ability to balance user adoption with compliance efforts. Pilot initiatives, such as facilitating cross-border remittances with Singapore’s StraitsX, show promise for practical applications. If Pi manages to navigate regulatory hurdles and enhance its decentralized application (dApp) development, it could solidify its position in Web3 payments. Analysts forecast a price range of $1.50 to $2.10 for 2025, with some sources suggesting it could reach $2.1007 if adoption continues to rise.
However, Pi risks being sidelined without clearer regulations and enhanced utility. Support in Southeast Asia is driven by the platform’s accessibility, community engagement, and practical use cases, yet skepticism about its long-term value remains. As a Vietnamese user noted on social media, “Pi Network is no longer just a dream—it’s happening.” Its journey toward becoming a mainstream currency or fading into obscurity will hinge on its ability to provide tangible value.
