Telegram, the company responsible for the messaging application of the same name, has informed its investors that it will launch its crypto currency ‘Gram’ before October 31, according to The New York Times.
The launch of Telegram’s digital coin would be accessible to more than 200 million people of the 300 million users who have the messaging application globally.
The platform managed to raise 1.7 billion dollars from more than 200 private investors between January and March 2018 for the development of the Telegram Open Network (TON) platform and the maintenance of its messaging service, according to The Wall Street Journal. This platform based on ‘blockchain’ technology will be a digital payment system focused on a new decentralized economy, similar to that of Bitcoin, which will allow money to be transferred through the application and make it easier to avoid government regulations.
That is precisely why Telegram could have kept the launch of this currency secret until now, to avoid or delay the controls of international regulatory institutions, increasingly concerned about the fraudulent use that can be given to this type of currency, such as money laundering or fraudulent business. The encryption and ciphering of Telegram’s messages has made it popular among anyone who wants their communications to remain secret, among others, terrorist organizations or secret government entities. Telegram has already announced that it will not control how or where its coins will move, which will create “a completely new economy”.