29 October 2020

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28 Aug  2019 5138

Messenger switches to cryptocurrency

Telegram announced its intention to launch its own cryptocurrency.

CreditCreditvia Youtube

The New York Times has published material stating that a major social network plans to send out the first installment of Gram currency over the next two months. Telegram also plans to create digital wallets for 300 million users worldwide.

Like Facebook, which announced the development of its own Libra token, Telegram announced a new online currency and a way to transfer money anywhere in the world.

Unlike Facebook, which publicly spoke about plans for digital money long before the first token was ready, Telegram adheres to a privacy policy, which can raise a number of questions. Regulators are increasingly concerned that Gram and Libra may be used for criminal purposes.

US authorities have already taken steps to close small cryptocurrency projects, citing their violation of securities laws.

Researchers in the field of cybersecurity have also expressed concern about the currency, since, according to the developers themselves, Telegram will not control money transfers, which in turn will provide an opportunity to bypass government regulators. However, despite skepticism, some US venture capital firms and Russian investors contributed about $ 1.7 billion to the project.

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