Telegram abandons blockchain crypto project! Telegram abandons GRAM coin, its pet blockchain crypto project after working on it for two and a half years. This was announced by Pavel Durov, an expat Russian living somewhere between the Caribbean and Dubai after a self-imposed exile from Russia.
“The technology we created allowed for an open, free, decentralized exchange of value and ideas. TON had the potential to revolutionize how people store and transfer funds and information… Unfortunately, a US court stopped TON from happening” he wrote on his channel.
New York’s Southern District court declared that GRAM could not be distributed in the United States and that citizens could have to find another way of accessing the TON platform – therefore making it ineligible to be kept. Keeping the project alive would have been too difficult for Durov as it would have involved making sure that US citizens could not nor ever access the platform and be involved in transactions.
The Securities and Exchange Commission was also a source of headache for Telegram – back in October of last year, the SEC sought a temporary restraining order against the Telegram Blockchain project. The SEC justified this course of action by stating that they thought that Telegram was going to “flood the market with billions of … (coins) through an unregistered offering of securities.”
Durov wished others who are attempting to create decentralized money system good luck, saying “You are fighting the right battle… This battle may well be the most important battle of our generation. We hope that you succeed where we have failed.”
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