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Commerce Ministry Claims Pi Network Cryptocurrency Is Illegal

TEMPO.CO, JakartaDeputy Commerce Minister Jerry Sambuaga declared that a cryptocurrency called the Pi Network is illegal as it is not registered with the Futures Exchange Oversight Board (Bappebti).

“I can confirm with Bappebti that the Red Pi is illegal or not yet registered,” Jerry said at 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 met or had any contact with the illegal entity.

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

For this reason, he warned content creators to be more careful when citing anyone’s comments, since several outlets cited the false statement. He also suggested that people be more careful when classifying information.

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

The Legal Office of the Ministry of Commerce is tracking the creator and broadcaster of the video. Jerry said that he did not want the video to be capitalized on, spread widely and cause people to fall for the fake investment offered by the Pi Network.

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

Bappebti’s interim director, Didid Noordiatmoko, also stated that the Pi network is illegal. He underlined that the country’s legal tender is only the rupee, while cryptocurrency is a commodity or digital asset.


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