A native Pi payment carries no observable per-unit mining origin on the Pi Mainnet ledger.
Source: MiCA Whitepaper — Pi Network (a mandatory document under the EU’s MiCAR regulation). 🔗 https://minepi.com/wp-content/uploads/2025/11/MiCA-Whitepaper-Pi-1.pdf Published: 2025-11-27 · Start of admission to trading: 2025-11-28 · Home Member State: Malta. Entities: PiBit · Pi Foundation · Pi Network · SocialChain Inc.
G.4 Future Public Offers “Not Applicable. PiBit does not currently contemplate a public offering of Pi tokens. Pi tokens are only available through mining. Individuals or entities that have mined tokens may elect to sell tokens on the secondary market, but none of the PiBit, Pi Foundation, Pi Network, SocialChain Inc. or any affiliates engage in direct selling efforts.”
What they usually mean: either
The text says plainly: “Individuals or entities that have mined tokens may elect to sell tokens on the secondary market.” → Exchanges are the secondary market; the π there is mined π that someone sold. Same asset, same origin.
It’s supported by Section E.2:
“The issuer is seeking admission to secondary trading only, through which the issuer will not gain any direct proceeds.” and Section E.27: “Neither PiBit nor Pi Foundation is involved with the secondary offers and sales of Pi.”
👉 There is no separate “exchange Pi”. There is one origin: mining — and exchanges resell it. This confirms fungibility; it does not deny it.
F.2 Crypto-Asset Functionality: “Pi is the native, fungible digital asset of the Pi Network Layer 1 blockchain.” 👉 The official document itself calls Pi fungible and native.
F.14: “Functionally Fungible Group Digital Token Identifier: 2Z2WZP5KM” 👉 A standard (ISO 24165 DTI) term placing Pi inside a functionally fungible group. (F.13 is the asset’s own DTI:
2K95TZ2QN— an ID for the asset, not for units.)
G.3: “The Pi token and its’ on chain functionalities are immutable. No modifications to transactions or the current blockchain ledger history can be made by anyone, including the issuer.” Risk section: “Once deployed, Pi’s contract code cannot be altered, upgraded, paused, or otherwise modified by Pi Network or any other party.” 👉 No tagging, no freezing, no modification — not by Pi, not by anyone.
G.11 Crypto-Assets Transfer Restrictions: “Not applicable” 👉 No origin- or type-based transfer restrictions.
F.6: “Pi Token is the native digital asset of the Pi Network…” “Pi Network does not maintain custody… has a native noncustodial Pi Wallet app…” “There are no rights or obligations associated with the Pi token.”
F.2: “Transfers of Pi occur on the Pi Network using a consensus design adapted from the Stellar Consensus Protocol… operates on a non-custodial basis…”
| What the official paper says | What it means for fungibility |
|---|---|
| F.2 “native, fungible” | ✅ official fungibility classification |
| F.14 “Functionally Fungible Group” | ✅ placed in a fungible group |
| G.3 + Risk “immutable” | ✅ no tagging/freezing/modification — even by the issuer |
| G.11 “Transfer Restrictions: Not applicable” | ✅ no transfer restrictions |
| E.2 “secondary trading only” | ✅ exchanges = secondary market, not issuance |
| G.4 “only available through mining” | ✅ one origin: mining → exchanges resell it |
Whoever cites the MiCA paper to claim “exchange π is different” didn’t read the whole paper. The paper says the opposite, verbatim: Pi is native and fungible, is in a functionally fungible group, is immutable even by the issuer, has no transfer restrictions, and exchanges are the secondary market for the same mined π.
π = π — and the official document is the strongest proof.