Telegram in France: Imminent end of the crypto wallet?

As Bitcoin continues to defy the heavens by reaching $67,000, Telegram, the popular messaging app, appears set to shut down its crypto portfolio in France. This decision, which has serious consequences, echoes tensions with French and European legislation on the regulation of cryptocurrencies. Let’s decipher together the reasons for this development and its implications for Telegram users and the crypto community.

The reasons behind the removal of the crypto wallet

Telegram’s recent announcement regarding the cessation of its crypto wallet service in France is primarily driven by growing regulatory pressures. French authorities have highlighted the fact that Telegram had not complied with the reporting obligations required to legally operate a service connected to cryptocurrencies. The government requires companies to provide technical details and grant access to the source code of their crypto services, rules that Telegram, with its crypto wallet, has inexorably violated.

Pavel Durov and legal troubles

Let us remember that not long ago, the founder of Telegram, Pavel Durov, was arrested in France in particular for having ignored these regulations. The accusations against him related to the operation of the portfolio in the absence of the necessary declarations to ANSSI, the National Information Systems Security Agency. This obligation, enshrined in a 2004 law, highlighted Telegram’s compliance flaws that the French government could no longer tolerate.

The regulatory context in Europe

This situation cannot be dissociated from the legislative climate which reigns in Europe. Governments are stepping up their surveillance of cryptocurrency-related services to counter money laundering and illegal activities. In this context, Telegram, despite being a major player in the messaging sector, finds itself exposed to the risk of severe sanctions due to its integrated crypto wallet.

Implications for the Telegram Community

For the Telegram user community, the disappearance of the crypto wallet represents a real blow. Within the application, users were able to carry out crypto transactions with ease, thus making the use of blockchain accessible to as many people as possible. By removing this service, Telegram appears to be taking a strategic step back while preserving its foundations in the face of regulatory threats. The TON Project and Its Ambitions Despite these difficulties, Telegram continues to explore avenues with its blockchain project, TON (Telegram Open Network). The latter was designed to offer a decentralized ecosystem enabling cryptocurrency exchanges and interactions with dApps. However, without a clear and respectful legal framework, the ambitions of Telegram and its community for this project cast doubt on its viability in France.

Telegram’s comments on the situation

It is important to note that, although the Wallet app was initially associated with Telegram, it is actually run by an independent team. According to statements by Telegram representative Remi Vaughn, it appears that responsibility for the app does not rest entirely on Telegram’s shoulders, but rather on third-party operators. This raises the question of operational choices beyond the control of Telegram’s management.User reaction and what happens next As news of the crypto wallet’s removal spreads, not all French users have been informed of this decision. The uncertainty surrounding the situation suggests future developments. Users are wondering about the real impact this will have on their daily transactions and the continuity of cryptocurrency-related services on Telegram.In the meantime, the community is encouraged to closely monitor developments in order to adapt to regulatory and technological changes. Telegram, for its part, continues to navigate this complex environment while maintaining an open dialogue with its users. Watch this space.

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