Telegram has abandoned its cryptocurrency project, with its founder Pavel Durov blaming the US court for seeking to crush any attempt at decentralization to maintain its global financial dominance. The US Securities Exchange Commission has forced Telegram to end its TON project after several court hearings. Telegram founder Pavel Durov announced on his Telegram channel on Tuesday, stating the blockchain project – the Telegram Open Network (TON) and its currency, known as “Grams” – would have to be shut down. The US SEC sued Telegram for conducting illegal security offering in October 2019.
Pavel Durov blasts at the US Court for the suspension of TON.
Telegram founder Pavel Durov wrote in a blog post that, unfortunately, a US court halted TON from happening. Pavel Durov explained that imagine that several people put their funds together to build a gold mine and to later split the gold that comes out of the mine. Then a judge comes and tells mine builders that too many people have invested in this gold mine because they were looking for profits. Telegram founder further noted that these investors didn’t want that gold for themselves; they wanted to sell it to other people. Because of this, you are not allowed to give them the gold.,” as per the court’s logic. TON being the mine and Grams being gold. Telegram founder noted that the judge used this reasoning to rule that people should not be permitted to buy or sell Grams like they can buy or sell Bitcoins.
“We are still dependent on the US when it comes to finance and technology.”
Telegram founder Pavel Durov blasting at the US court said that the people outside the USA, can vote for their presidents and elect their parliaments, but they still depend on the United States when it comes to technology and finance.
He used one more metaphor to describe the absurdity in the US court’s decision for not allowing Telegram to issue its tokens outside the US. Pavel said if the US suddenly decided to ban coffee and demanded coffee shops in Italy be closed because some Americans might go there – we doubt anyone would agree with that. The US court had reasoned that the Telegram would not be allowed to issue token even outside the US as some American citizens might find a way to buy Grams.