Cryptocurrency operations in Telegram: under threat of a complete ban in Russia
Russian authorities are seriously considering the possibility of recognizing Telegram as a "terrorist resource." This scenario, which seemed unlikely until recently, now looks quite realistic. If this happens, not only correspondence but also the messenger's entire cryptocurrency infrastructure, including the recently announced Gram Wallet, will come under threat.
FSB accusations and the State Duma's reaction
On July 29, the FSB Public Relations Center issued a statement announcing the initiation of a criminal case against Telegram founder Pavel Durov under Part 1.1 of Article 205.1 of the Russian Criminal Code. This article provides for penalties up to life imprisonment. The reason was the messenger's administration refusal to delete channels, chats, and bots used to prepare sabotage and terrorist acts.
According to the agency, over 153,000 crimes have been committed through the platform since 2022, 33,000 of which have a sabotage-terrorist orientation. It also reported the prevention of 475 terrorist attacks. In February, the Investigative Committee already reported the recruitment of minors through the bot "Daivinchik/Leo," with 46 people aged 12 to 22 detained in the case.
State Duma deputy Andrei Kolesnik assessed the situation as follows: the decision on the status remains with the special services, but the scenario itself looks quite likely. It is important to note that the concept of a "terrorist resource" is absent from Russian legislation, but there are blocking mechanisms under the "On Information..." law and inclusion in the Rosfinmonitoring list.
What will happen to Gram Wallet and the token?
On July 21, Pavel Durov announced the launch of the non-custodial cryptocurrency wallet Gram Wallet, which was supposed to appear in all Telegram applications this summer. However, its fate is now in question. If Telegram is recognized as a terrorist resource, cryptocurrency transactions within the messenger could fall outside the legal framework, and Russian companies would lose the ability to service them.
The market has already reacted: on the morning of July 29, the Gram rate fell from $1.44 to $1.39, although it later partially recovered to $1.42. Market capitalization dropped to $3.89 billion, and daily trading volume surged by 58% to $71.28 million, clearly indicating the speculative nature of the transactions.
Expert opinion: This situation is a vivid example of how geopolitical risks directly affect cryptocurrency projects. Investors should consider that even giants like Telegram are not immune to repressive measures from the state. In the long term, this could push users toward decentralized solutions not tied to a single jurisdiction.