Cryptocurrency operations in Telegram: under threat of a complete ban in Russia
Russian authorities have come close to recognizing Telegram as a terrorist resource. According to experts, this scenario is becoming increasingly likely, and the consequences for the crypto industry could be catastrophic. Not only correspondence but also the entire financial ecosystem of the messenger, including operations with digital assets, will be under threat.
Why Telegram may become illegal
The reason for the escalation was a statement by the FSB on July 29. The agency initiated a criminal case against the founder of the messenger, Pavel Durov, under Article 205.1 of the Criminal Code of the Russian Federation, which provides for penalties up to life imprisonment. The basis is the refusal of Telegram's administration to delete channels, chats, and bots that, according to law enforcement, are used to prepare sabotage and terrorist acts. Since 2022, over 153,000 crimes have been committed through the platform, 33,000 of which have a sabotage-terrorist orientation, and 475 terrorist attacks have been prevented.
Durov himself links the criminal prosecution to pressure on an independent service. However, more importantly, the status of a "terrorist resource" in Russia is not just a blockade. It means a complete ban on any financial transactions within the messenger. Russian companies will lose the ability to service cryptocurrency transactions, and users risk finding themselves outside the legal framework.
Gram Wallet and crypto wallets under threat
Just a week before the FSB statement, on July 21, Durov announced the launch of the built-in crypto wallet Gram Wallet for all Telegram applications. The service was supposed to appear in the summer. Currently, many alternative crypto wallets operate in the messenger, including a mini-application in the main interface. All of them could be blocked or declared illegal.
The market has already reacted: the Gram token (GRAM) rate on July 29 fell from $1.44 to $1.39, although it then partially recovered to $1.42. Capitalization dropped to $3.89 billion, and daily turnover soared by more than 58%, to $71.28 million, indicating panic speculation.
My comment as an analyst: The situation is critical. If Telegram is recognized as a terrorist resource, cryptocurrency operations within it will become virtually illegal. This will hit not only users but also the entire DeFi market in Russia, which actively uses Telegram as an infrastructure platform. Investors should urgently reconsider their risks and consider alternative channels for working with digital assets.