Pi Network, a cryptocurrency that allows for easy mining on smartphones, boasts tens of millions of users worldwide. A grand rumor, potentially determining the project’s fate, is being feverishly discussed within some communities: that Pi Network will integrate with national banks in China and become officially usable.
If this news were true, Pi Network’s value and credibility could be completely transformed. However, China is also one of the countries with the strictest cryptocurrency regulations in the world.
This article delves into the core of this grand rumor, the “China Bank Integration theory,” thoroughly investigating its origin and credibility. We will explore both the expected benefits and realistic risks, enabling even those without specialized knowledge to objectively understand Pi Network’s current state and future.
The Core of the Rumor: What is the “Pi Network and China Bank Integration” Theory?
First, let’s accurately grasp where this major topic originated and what it entails.
Information Alleged as the Source of the Rumor
This rumor appears to stem primarily from information disseminated by Chinese-language media platforms known as “Hoke News” and social media influencers. Their claims, in summary, are that multiple Chinese banks are preparing to integrate Pi Network’s system into their services.
Claimed Benefits of Integration: 3 Expected Changes
If this integration were to materialize, it is claimed to bring immeasurable benefits to Pi Network and its users. The main expectations are as follows:
- Easy Exchange for Fiat Currency: Banks would mediate, allowing users to safely and easily exchange their held Pi for China’s legal tender, the Yuan.
- Bank-Level Security and Reliability: Banks’ advanced fraud monitoring systems and anti-money laundering (AML) mechanisms would apply, dramatically improving the overall trustworthiness of Pi Network.
- Expanded Use in Daily Payments: By connecting with banking infrastructure, Pi would be widely accepted as a daily payment method for shopping at retail stores, dining at restaurants, and more.
These expectations evoke a future where Pi Network is not merely a speculative asset but integrates into society as a practical “currency.”
Fact Check: Objectively Verifying the Rumor’s Credibility
While expectations soar, are these claims actually true? Here, we take a step back and calmly verify the information’s authenticity based on objective facts.
Are There Official Announcements from Chinese Banks or Government?
To be clear, as of June 2025, there has been no official announcement from any Chinese bank or government agency suggesting integration with Pi Network.
Partnerships of this kind are extremely crucial information that impacts a company’s future and are typically disclosed through official press releases or reports to financial authorities. Given their absence, it is reasonable to conclude that the “bank integration” is an unverified rumor or merely wishful thinking within the community.
The Reality of “Car Transactions at GCV Price”?
Often linked to the rumor is the story of high-value goods like cars being traded at an astonishing price called “GCV (Global Consensus Value)” – 1 Pi for $314,159 (approximately 49 million JPY).
However, this GCV is not an official value set by the Pi Network development team; it is merely an unofficial target price that a subset of the user community aims to achieve through consensus. While transactions at this price might occur in a form akin to bartering within a very small community isolated from external markets, it does not represent Pi’s objective market value.
China’s Strict Stance on Cryptocurrencies
Most importantly, the Chinese government maintains very strict regulations on cryptocurrencies. In 2021, the provision of crypto-related services by financial institutions, as well as domestic trading and mining activities, were completely banned.
The Chinese government prohibits cryptocurrency transactions themselves, citing reasons such as ensuring financial stability and curbing illegal activities. This national policy and the claim of banks integrating with Pi Network, a private project, are currently in clear contradiction.
Why is Pi Network Attracting Attention in China Now?
Despite such strict regulations, why is the rumor of “practical application in China” spreading so widely? This is likely related to several characteristics of Pi Network.
Even Banks are Watching? Pi Network’s Strict “KYC (Know Your Customer)” Process
Pi Network mandates a strict KYC (Know Your Customer) identity verification process for all users to claim their mined Pi. This mechanism requires submitting official documents such as driver’s licenses or passports to prevent fraudulent multiple accounts and bots (automated programs).
This philosophy of “thoroughly verifying the identity of each user” is very similar to the procedures banks follow when opening new customer accounts. Therefore, the expectation that “banks could safely partner with a system that performs such rigorous identity verification” might be a contributing factor to the rumor.
The Presence of a Huge User Community within China
Despite regulations, a very large number of Pi Network users are said to exist within China. It is easy to imagine that the enthusiasm and expectations of this massive community serve as fertile ground for various rumors and speculations.
Unignorable Risks and Project Challenges
When discussing the future of Pi Network, it is crucial to understand not only the aspects of expectation but also the unavoidable risks and critical perspectives.
Concerns of Being a “Pyramid Scheme”
Pi Network employs a mechanism where inviting new users (referrals) increases one’s own mining efficiency. This structure is a reason for criticism that it “resembles a pyramid scheme (illegal as a multi-level marketing scheme without goods/services in Japan) that profits by increasing members without accompanying the distribution of goods or services.”
While the project positions this as a marketing method to expand its network, this concern remains a significant challenge to Pi Network’s credibility.
Lack of Listing on Major Exchanges and the Current State of the “Mainnet”
As of June 2025, Pi Network is not listed on world-leading cryptocurrency exchanges like Binance or Coinbase. Being listed on an exchange means that the asset gains an objective market price and liquidity, allowing many people to freely buy and sell. The fact that this has not yet happened is because Pi Network has not yet transitioned to an “Open Mainnet.”
- Current State (Closed Mainnet): Pi Network’s blockchain currently operates in a closed, internal environment and cannot connect with external exchanges or services.
- Future Goal (Open Mainnet): The stage that enables external connections, allowing anyone to freely trade Pi. The official team is developing towards this transition, but a clear date has not yet been announced.
This transition to an “Open Mainnet” is the most critical step for Pi Network to truly gain value.
Conclusion: Pi Network’s Current Status and Future Outlook
Synthesizing the information thus far, what can be inferred about Pi Network’s current status and future?
Rumors are “Expectation,” Reality is “Work in Progress”
The claim of “China Bank integration” is currently in the stage of “expectation” or “rumor” with little objective basis. The real barrier of China’s strict regulations is very high, and it must be said that the possibility of this rumor materializing soon is extremely low.
Pi Network is a project still under development, presenting a grand vision. Its success depends on steady steps of technological development and social acceptance, not on uncertain rumors.
3 Key Points to Watch for in the Future
To assess Pi Network’s future potential, it is important to pay attention to the following three official developments:
- Official Launch of the Open Mainnet: Only when this occurs can Pi stand on the same ground as other cryptocurrencies.
- Official Movements by National Regulatory Authorities (Especially China): Should China soften its stance on cryptocurrencies, it could be a major turning point.
- Achieving Listing on Major Exchanges: Listing on major exchanges like Binance would be a significant step towards gaining global liquidity and credibility.
Until these milestones are achieved, information regarding Pi Network, especially enthusiastic claims on social media, must be carefully scrutinized for its authenticity.
Article Summary and Next Steps
The “China Bank Integration theory” surrounding Pi Network is an attractive story reflecting strong community expectations, but based on facts, it harbors many challenges and contradictions. If you are interested in this project, it is most important to calmly follow primary information from the project’s official website and official social media, rather than being swayed by unsubstantiated rumors.
Whether it holds the potential to become a future currency or ends as a grand social experiment. The answer will be revealed by the project’s concrete progress moving forward.