Today, another big social network, Telegram, indicated it is moving forward with planning its digital coin. The company is following Facebook’s big cryptocurrency plans after it has overcome the obstacle with regulators.
Telegram has expressed to investors that it is scheduling to issue the first batches of its coin.
According to three investors who have talked with Telegram recently, “The Gram” will be out within the next two months
Moreover, Telegram has plans on extending the Gram into digital wallets. The company will make it available to the 200 to 300 million global users of Telegram’s messaging application.
Telegram stated the Gram digital coin would become a new online currency. It will also be a way to move money anywhere in the world.
The capacity of Telegram’s desires was evident in early 2018. It was when it raised $1.7 billion from big-name investors. The list includes some of the largest venture capital firms in Silicon Valley.
Telegram has largely proceeded in concealment, unlike Facebook which released public plans for its digital money.
Possible Money Laundering Uses of The Gram
That uncertainty could fuel questions that it will face from government authorities when it makes its tokens public.
Officials have grown gradually worried that the coins like Gram and Libra could be beneficial to drug dealers and money launderers like bitcoin before them.
US authorities have already encouraged to shut down smaller cryptocurrency projects. They were also cited for violations of securities law.
A specialist in cryptocurrencies law at Polsinelli, Richard Levin, said, “Anyone trying to build this type of token system has to be careful on any number of levels with regulators.”
He also added, “I suspect that regulators will take a very close look at this offering.”
Meanwhile, the spokesman for Telegram did not answer several requests for comment.
Telegram has always functioned with a degree of negligence for the opinions of government authorities.