Amid the non stop chatter on upcoming mainnet launch of Pi Network and the official listing of $Pi coin, a video from China has gone viral that shows over 100 cars bought from the cryptocurrency that is still in testnet phase.
The video, purportedly from China, shows BYD Auto selling over 100 cars to customers using blockchain based Pi coins. Crypto remains banned in China despite its ever growing popularity in the communist land.
With the Pi mainnet launch just a few days ahead, a lot of pioneers are promoting the video that also shows that BYD Auto services, based in Yuhua District, Changsha City, Hunan Province, has agreed to sell cars at a price of 0.2 Pi per car.
The Pi GCV community has been a big promoter of Pi coin adoption with high expectations of Pi coin price, at $314159. The symbol “314159” alludes to Pi (Ï€), which is a recurring motif in Pi Network branding. By selling this car at the same price as GCV, the car dealer has joined this momentum.
The legality of this sale remains unclear, as China outlawed all crypto-related transactions in 2021. However, despite this, underground crypto trading and alternative barter systems continue to exist. The legality of BYD Auto Service’s actions remains unclear, as digital currency transactions are considered illegal under Chinese law.
It looks like buyers and sellers are conducting transactions on blockchain despite China’s strict ban on cryptocurrency trading, mining, and usage, citing financial risks, fraud, and capital outflows.
According to reports, big companies including Gaoling Group, Sequoia Capital, Hongyuan Construction, Poly Group, and Hunan Pailian Co., Ltd. support BYD Auto Service.
The use of Pi Coin for purchasing vehicles raises questions about whether these transactions are officially recognized or simply informal barter deals.
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