Commerce Department Claims 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,” Jerry said 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 contact with the illegal entity.

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

Thus, he warned content creators to be more careful about quoting someone’s remarks as several media outlets quoted the false statement. He also suggested people to be more careful in sorting information.

“Most importantly, there has never been any information, support, or voice from me regarding the Pi network,” Jerry said.

The Commerce Department’s Legal Office is tracking the creator and spreader of the video. Jerry said he didn’t want the video to be activated, spread far and wide, and have people swayed by the bogus investment offered by Pi Network.

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

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


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