The process of crypto adoption is full of challenges and the Telegram’s cryptocurrency project is not an exception. Unfortunately, after years of drama with the Securities and Exchange Commission (SEC) decided to close this project.
As a reminder, in 2019 the SEC ordered Telegram to halt sales of its cryptocurrency Gram, as it failed to register an early sale of $1.7 billion in tokens before launching the network.
Moreover, New York’s Southern District Court ruled against the GRAM. Thus, it wasn’t possible to distribute this cryptocurrency in the United States. Furthermore, to prevent Americans from using the Telegram Open Network after it would become available, the judge decided that the platform couldn’t be allowed either.
Importantly, Telegram is one of the biggest messaging apps in the world. Pavel Durov is the founder, as well as the CEO of Telegram.
Pavel Durov and Telegram Open Network
According to his Telegram Channel after the two and a half year blockchain and the crypto project ceased to exist due to the decision of the U.S. court. The Telegram decided to give up on its crypto-focused subsidiary, Telegram Open Network (TON).
Pavel Durov left the Russian Federation because the government wanted his encryption keys to his social media firm. Vkontakte is very popular in Russian-speaking countries.
Interestingly, in the case of TON, Durov had to give up on this project due to the U.S. court. It makes sense as otherwise, it would be difficult to work on the cryptocurrency project.
Last but not least, TON wanted to offer decentralized cryptocurrency to anyone with a smartphone. This project resembles Facebook’s Libra project. Both of them had to deal with numerous problems and Telegram decided to close this project and it is hard to criticize their decision. Authorities should change their attitude towards the cryptocurrencies.