Telegram announced major changes – will a Toncoin boost follow?

0

Last Updated on 25 September 2024 by CryptoTips.eu

Social media platform Telegram announced it is once again making some important changes which appear to be a further concession to the authorities. CEO Pavel Durov, who was arrested in France in August, is clearly hoping for leniency from the French justice system. Will this have an immediate impact on the price of Toncoin or should we wait a little longer?

Telegram, which is very popular in Asia and the Middle East, will as from now on pass on user data such as IP addresses and telephone numbers to the judicial authorities if one of those addresses or telephone numbers is subject to any criminal investigation.

Advertentie.

Downloads

As we said on September 13, Toncoin, the cryptocurrency of the Telegram network, has been trading quite stable these past few weeks and is just waiting for CEO Pavel Durov to be officially allowed to leave the France again. Ever since his arrest in August, he has not been allowed to travel.

The low point for Toncoin in the last few months came around September 7 at a price of $4.50, just before Durov announced a first slew of changes for Telegram. As the news will slowly filter through to institutional and larger investors, I expect further support for Toncoin’s price.

As many Western media outlets had to inform their listeners and viewers what Telegram was (after Durov’s arrest at the end of August), the affair has actually become positive for the company, which announced a record number of downloads of its app in the weeks that followed Durov’s arrest.

Impact

In theory, Pavel Durov’s status should have no direct impact on Toncoin’s price. After all, Telegram and Toncoin claim to be two independent entities. But in reality, things are a bit more complicated.

After Telegram developed Toncoin a few years ago (amongst other things as a means of payment for their own influencers who regularly post on the Telegram platform), an initial response from the authorities quickly followed. The American stock market watchdog SEC sent a complaint to Pavel Durov (and his brother Nikolai) claiming that they had created an illegal currency (a similar complaint was once sent to Vitalik Buterin, founder of Ethereum).

The whole affair was quickly settled but ever since then, the brothers have tried to keep the two companies, Telegram and Toncoin, separate. It is however clear that good news for Telegram is often followed by a higher price for Toncoin.

We will continue to keep an eye on Toncoin for you.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts