How Did BYD Auto Sell Over 100 Cars for Pi Coin Amid Ban?

In China, BYD Auto Service Co., Ltd. has reportedly sold implicit 100 cars utilizing the Pi Network’s Pi Coin (PIGCV314159$), with each conveyance exchanged for 0.2 Pi.

This company, based successful Yuhua District, Changsha City, Hunan Province, has conducted these transactions contempt China’s strict prohibition connected cryptocurrency trading, mining, and usage, citing fiscal risks, fraud, and superior outflows.

BYD Auto Sell Cars for Pi Coin, Source: X

The legality of this merchantability remains unclear, arsenic China outlawed each crypto-related transactions successful 2021. However, contempt this, underground crypto trading and alternate barter systems proceed to exist. The legality of BYD Auto Service’s actions remains unclear, arsenic integer currency transactions are considered amerciable nether Chinese law.

The unauthorized Pi Coin saltation PIGCV314159$ appears to beryllium a speculative Grey Market Conversion Value (GCV) that is utilized successful community-driven transactions. The awesome “314159” alludes to Pi (π), which is simply a recurring motif successful Pi Network branding. 

According to reports, large companies including Gaoling Group, Sequoia Capital, Hongyuan Construction, Poly Group, and Hunan Pailian Co., Ltd. enactment BYD Auto Service. 

The usage of Pi Coin for purchasing vehicles raises questions astir whether these transactions are officially recognized oregon simply informal barter deals.

Also Read: Pi Community Seeks Elon Musk’s Attention for Pi Network