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Telegram abandons cryptocurrency project

Telegram abandons cryptocurrency project

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A conflict with the authorities marks the end of the dematerialized currency development program of Telegram.

In a few words

  • The Gram is no longer: Telegram Open Network (TON), the branch of Telegram, launched two and a half years ago to realize a project of Blockchain-based cryptocurrency, will close its doors. In a gallery, the P.-D.G. from Telegram, Pavel Durov, said the move was due to the verdict of an American court of law that banned the company from distributing its cryptocurrency, the Gram, anywhere in the world.
  • An illegal ICO? US authorities accuse Telegram of having organized a cryptocurrency fundraiser, or Initial Coin Offering (ICO), illegally in 2018. Telegram has since been in conflict with the Security and Exchange Commission (SEC) American, a federal agency controlling financial transactions, which jeopardized the sustainability of its project. ” The American court ruled that the grams could not be distributed either in the United States or elsewhere in the world. Why ? Because according to the court, an American citizen could manage to access the TON platform after its launch. The only way to prevent this is to ban the distribution of Grams anywhere in the world Protested Pavel Durov.
  • Cryptocurrencies are coming up against the wishes of regulators around the world: Telegram is not the only instant messaging platform that wanted to monetize its application using the Blockchain, only to come up against reality. Since its announcement in June 2019, Facebook’s cryptocurrency project, Libra, also had to lower its ambitions after attracting criticism from financial regulators in the United States and Europe. However, unlike TON and Gram, Libra remains on the agenda, with a launch scheduled for later this year.

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