About: http://data.cimple.eu/news-article/2b76e3ab6ef5ea715c24c2f730b300ba269258b5f87a19ae8a919b48

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About: http://data.cimple.eu/news-article/2b76e3ab6ef5ea715c24c2f730b300ba269258b5f87a19ae8a919b48 Goto Sponge Distinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	The Telegram messaging service has announced it is ending an ambitious cryptocurrency and payments system project after a legal battle with regulators in the United States. "We are announcing the discontinuation of our blockchain project," Telegram founder Pavel Durov announced on his Telegram channel late Tuesday, saying it was a "sad day." The Telegram Open Network (TON) platform based on blockchain technology was designed to be a secure payments system, offering an alternative to Visa and Mastercard. Telegram raised a record sum of $1.7 billion from 200 private investors during a massive initial coin offering (ICO) for its virtual currency "Gram". The US Securities and Exchange Commission (SEC) brought legal action against Telegram for its 2018 ICO accusing the company of launching an unregistered securities sale. In March this year a US judge ruled the project could not go ahead until the dispute was settled. Durov said some of Telegram's best engineers had been working for two and a half years on the "next generation" project. He said the US court ruled the TON platform could not be used anywhere in the world because US citizens might find a way to access it once it launched. "The United States can use its control of the dollar and the global financial system to close any bank or bank account in the world," Durov said, adding it was "unfortunate" most of the world was dependent on decisions made by US politicians. Telegram was launched in 2013 by Russian brothers Nikolai and Pavel Durov. It allows some 400 million users to exchange encrypted text messages, photos and videos, and also create "channels." apo-jbr/am/bmm
schema:headline	Encrypted messenger Telegram ends cryptocurrency project
schema:mentions	Blockchain Mastercard Visa Inc. Digital currency U.S. Securities and Exchange Commission Cryptocurrency United States dollar Court Russian language United States Initial coin offering Toronto Telegram Pavel Durov Securities fraud Global financial system Sad Day (FKA Twigs song)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	75 (xsd:integer)

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