But things aren’t easy for Telegram either. According to a New York Times report, the company has to release its Gram cryptocurrency in the next 63 days or it will have to scrape the plan altogether.
Why is there a deadline on Gram cryptocurrency?
Telegram’s digital currency plan was born out of $1.7 billion investment that it received in 2018. Apparently, the Times has seen the legal documents where Telegram has promised its investors that Gram would be launched by 31 October.
In case Telegram fails to deliver its promise, the company will have to return the money. So, it is under a tight deadline to deliver “the first batches” of the coin in the next two months.
More about Gram cryptocurrency
All sorts of rumors about the currency have been making rounds for a while. There was also news of Telegram canceling its initial coin offering ICO.
Unlike Facebook, which released the public plans for Libra long before the first token was ready, Telegram has kept Gram largely under wraps.
This opaqueness could pose a concern and several questions from governments across the world when the first tokens go public.
But we do know that Gram would operate with a decentralized structure similar to Bitcoin. Gram coins will be stored in a Gram digital wallet which the company plans to offer to all its 200 million users worldwide.
The encrypted nature of Telegram allows users to send encrypted messages between phones — inviting bans from governments such as Russia. It remains to be seen how the authorities respond to the upcoming cryptocurrency.