Trade Ministry Asserts Pi Network Cryptocurrency Illegal

TEMPO.CO, Jakarta - Trade Deputy Minister Jerry Sambuaga stated that a cryptocurrency called Pi Network is illegal as it is not registered with the Futures Exchange Supervisory Board (Bappebti).

“I can confirm with Bappebti that the Pi Network is illegal or not yet registered,” said Jerry in a virtual press conference on Thursday, November 10, 2022.

Previously, there was a video showing Jerry supporting the Pi Network. Jerry thus clarified that the information was not true. He emphasized that he had never known or made any contact with the illegal entity.

He suspected that there were parties manipulating videos, photos, and voices of him as if he was giving a positive statement about fake crypto.

Thus, he warned content creators to be more careful in quoting anyone's remarks given that several media quoted the false statement. He also suggested people be more observant in sorting information.

“Most importantly, there has never been any info, endorsement, or voice from me regarding the Pi Network,” Jerry said.

The Trade Ministry’s Legal Bureau is tracing the creator and spreader of the video. Jerry said he didn't want the video to be capitalized, spread widely, and cause people to be deceived by the bogus investment offered by the Pi Network.

The ministry would also report this case to the authorities because there was a criminal element referring to the Electronic Information and Transactions Law (ITE Law).

The Acting Bappebti Head Didid Noordiatmoko also stated that the Pi Network is illegal. He underlined that the country’s legal currency is only the rupiah, while cryptocurrency is a commodity or a digital asset.

RIANI SANUSI PUTRI

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