Telegram under attack: cryptocurrency operations in Russia may be outlawed
Russian authorities are seriously considering the scenario of recognizing Telegram as a "terrorist resource." This decision, although it remains with the intelligence services, is looking increasingly realistic. The consequences of such a move could be catastrophic for the messenger's entire crypto ecosystem—from built-in wallets to Gram tokens.
FSB Accusations and Prospects of Blocking
On the morning of July 29, the FSB Public Relations Center issued a statement about initiating a criminal case against Telegram founder Pavel Durov under Part 1.1 of Article 205.1 of the Russian Criminal Code, which provides for penalties up to life imprisonment. The basis is the messenger's administration refusal to remove channels, chats, and bots used to prepare sabotage and terrorist acts. According to the agency, since 2022, over 153,000 crimes have been committed through the platform, 33,000 of which are sabotage-terrorist in nature, and 475 terrorist attacks have been prevented.
Notably, Russian legislation lacks a clear definition of a "terrorist resource." Article 24 of Law No. 35-FZ allows only an organization to be recognized as such, and solely by a court decision. Different mechanisms apply to internet services: restricting access under Article 15.3 of Law No. 149-FZ or inclusion in the list of organizations involved in terrorism, maintained by Rosfinmonitoring. However, State Duma deputy Andrei Kolesnik has already indicated that the scenario of recognizing Telegram as a terrorist resource "looks quite likely."
What Will Happen to Gram Wallet and Crypto Operations?
Just a week before these events, Pavel Durov announced the launch of the built-in crypto wallet Gram Wallet for all service applications. If the platform ends up on one of the anti-terrorism lists, cryptocurrency operations within the messenger risk falling outside the legal framework. Russian companies servicing these transactions may lose the ability to operate legally.
Currently, Telegram already hosts numerous alternative crypto wallets, including an internal mini-wallet linked in the main interface. All these applications will be at risk. The market reacted cautiously: the Gram rate dropped from $1.44 to $1.39, then partially recovered to $1.42. Market capitalization fell to $3.89 billion, but daily turnover surged by over 58% to $71.28 million, clearly indicating the speculative nature of the trades.
Expert opinion: The situation around Telegram is becoming a classic example of the conflict between decentralized financial instruments and state regulation. If authorities indeed move to recognize the messenger as a terrorist resource, it will create a dangerous precedent: not only crypto operations but any business using Telegram as a platform for financial services will be at risk. Investors should closely monitor developments—Gram's volatility could significantly increase in the coming weeks.