Tap to earn tap to ban ! Thunderbolt to Crypto! As Bitcoin continues its momentum to reach $67,000, Telegram has announced on its channels that it is withdrawing its cryptocurrency in France. Why this decision?
Telegram and Pavel Durov in the crosshairs of French justice
Remember. A few weeks ago, Pavel Durov was arrested in France. French authorities have accused Telegram of offering crypto services in France without the necessary declarations to regulators. This regulation requires any company using cryptographic tools to submit technical details and allow access to the source code. Telegram thus violated this law with its integrated crypto-wallet.
In detail, Telegram would operate in France without the necessary declarations to ANSSI, a legal obligation under a 2004 law. This regulation requires any company using encryption tools to submit technical details and allow access to the source code. Telegram thus violated this law with its integrated crypto-wallet.
Furthermore, let’s be aware that this decision comes in the context of European governments intensify monitoring of cryptocurrency-related services prevent money laundering and illegal activities.
Telegram, a colossus at the foot of clay
For those not familiar Telegramit’s not just a super popular encrypted messaging app. In addition to offering a secure messaging service, Telegram has launched its own blockchain project called YOURS (Telegram Open Network). The idea behind this project? Create a decentralized ecosystem where users can exchange cryptocurrenciescommunicate with decentralized applications (dApps)and benefit from fast and cheap transactions directly from their messaging.
YOURS was born to enable faster and more accessible financial transactions through the blockchain, but also to facilitate the creation of new decentralized applications. Thanks to TON, Telegram started offering a crypto wallet integrated into the app, allowing users to send, receive and store cryptocurrencies as toncoin (Native cryptocurrency TON).
The Telegram wallet therefore allowed users to make crypto transactions directly through the messaging platform.
The last blow of regulation?
So this whole project seems to be largely stalling in France regulations strict. The French government, like many other European governments, imposes very strict compliance rules on cryptocurrency-related services to prevent problems such as money laundering or criminal activity.
Telegram, with its integrated crypto wallet, has not announced the technical specifications of its crypto service to ANSSI, as required by French law. As a result, the French government saw this situation as a breach of its data security and financial services regulations. Failure to comply with this law resulted in arrest Pavel Durovthe founder of Telegram, in August 2024 and the deletion of the cryptocurrency in France.
News is still thin at the moment and not all French users have received the famous news yet. The facts must therefore be taken with a grain of salt, and we will of course inform you in more detail about the development of the situation. A case for continuation, therefore on the Journal du Coin.