Explaining Pi Network’s 6-month KYC grace period

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Learn all about Pi Network's newly activated 6-month KYC grace period and what it means for you starting July 2024.

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00:00 Teasers
00:28 Introduction
00:40 What can you expect in this video?
00:53 Like & Subscribe
01:09 6-month KYC grace period for Pi Network
04:24 Outro

// DESCRIPTION
Starting July 1, 2024, Pi Network's 6-month KYC grace period will officially take effect. In this video, Christian Rauchenwald explains what this means for every Pi Network user and why it is important to complete the mainnet checklist.

Christian Rauchenwald walks you through the latest updates from Pi Network and highlights the importance of the newly introduced 6-month KYC grace period. First announced in the 2021 whitepaper, this initiative is designed to give all pioneers ample time to complete their KYC applications and migrate to mainnet, while also creating a sense of urgency.

The 6-month period is divided into two phases. The first three months require users to submit their first KYC application. The following three months are for completing the mainnet checklist and migrating to the mainnet.

The Pi Network app has a countdown timer on the mainnet checklist, as well as popups and banners reminding users of their deadlines. For existing users, the first KYC application must be submitted by September 30, 2024, and the mainnet migration must be completed by December 31, 2024. New users have their individual countdowns that begin upon completion of their first 30 mining sessions, giving them plenty of time to meet the KYC requirements.

It is important to understand that the countdown will pause when an action is pending. For example, if you are waiting for KYC authorization or your application is being reviewed, the timer will pause until further action is required from you.

Christian stresses that there is enough time for everyone to meet these deadlines. Those who complete all steps within the grace period will have their Pi coins migrated to their mainnet wallet. However, those who miss the deadlines will only receive the coins they earned in the six months before the first mainnet migration.

Therefore, it is important that you start your KYC process and complete all the pending steps as soon as possible. Also, remind your friends to do the same so that they don't lose their Pi coins.

If you have any questions, feel free to leave a comment below or join our community on Discord using the link in the description to discuss Pi Network and other projects with Christian and the community.

Don't forget to like, subscribe, and turn on notifications to stay updated on future videos. Share this video to keep your friends updated on these important changes.

Thanks for watching and see you in the next video!

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