The Russian spokesman said that if the cryptocurrencies of Facebook and Telegram represent dangers for the economy they will opt to suspend their circulation.
The representative of the Russian presidency in the area of Information and Communication Technologies (ICT), Dmitry Peskov, said the government could block Facebook and Telegram if their cryptocurrencies eventually compromise the country’s economy.
During an interview reviewed by local media, Peskov said that there are always risks associated with these initiatives and this should be taken into account, leaving open the possibility that local internet operators suspend access to social networks and messaging services.
In this regard, Peskov indicated:
“If Libra works uncontrollably, it is likely that not only Russia will make the decision to block it and this could happen in many other countries, as could happen with the Telegram cryptocurrency. But this measure does not depend solely on the Russian government, but on the position of the American … Therefore, the questions should point to when the US government will make the decision to block Facebook or Telegram. “
Peskov’s statements seem to delegate Russia’s position based on the perspective with which the United States addresses the possible launch of these cryptocurrencies, which currently face regulatory problems at the local level with agencies such as the House of Representatives and the Stock Exchange Commission and Securities (SEC).
Gram: In the eye of the hurricane
Although Libra de Facebook is currently one of the most controversial currencies generated by legislators and regulatory bodies, the Telegram call for attention with its GRAM cryptocurrency began in the middle of this month, when the SEC issued an emergency order to prevent the launch of the token
Under the premise that the crypto asset constituted an offer for the securities trade, the SEC promoted a measure in the framework of the launch of GRAM and its Blockchain network, TON, which were scheduled no later than October 30. These actions were surprising for Telegram, as the company claimed to have worked closely with the regulatory agency precisely to clarify any type of misunderstanding that may arise.
Telegram managed to raise about USD $1.7 billion through a pre-sale campaign for its token at the beginning of 2018 and the assets would be distributed once the network was launched later this month. However, the measure puts the company in a bind since there is a clause on the launch in favor of the clients, who could request the reimbursement of their investment in case the company fails to comply with the times established in its road map.
As for GRAM, several crypto exchanges and services expressed their desire to list the digital currency once it is launched. At the moment several of these companies are in view of the SEC, just for offering to facilitate the cryptoactive trade before it is officially pronounced on the token in question.
Controversy with GRAM and Libra
Although today there are several stablecoins operating in the main crypto markets, the reach of networks and services such as Telegram or Facebook set off alarms for regulators, legislators, analysts and critics of digital currencies.
The main criticism that weighs on Libra, continually cited by Maxine Waters (US congressman) and Bruno Le Maire (French minister), is the possibility that Libra threatens the economic stability of currencies such as the US dollar or the euro, indicating that It could also become a vehicle to legitimize capital and take it outside the borders of the affected countries.
Although the directors of Facebook and Telegram assured that there was nothing to fear in relation to the above and presented allegations to avoid misunderstandings, influential people in the financial ecosystem continue to campaign negatively against these initiatives. Such is the case of JPMorgan’s CEO, Jamie Dimon, who recently assured that Libra will never materialize despite being a good idea.
In this regard, Dimon assured that Libra would not make any difference since there are other stablecoins that conform to the regulatory frameworks established by the governments that expressed their concerns. However, critics of the CEO of JPMorgan say that if Facebook or Telegram launch their currencies, the main affected would be banks with a great track record, since more efficient payment systems would make more traditional financial institutions unnecessary.
For now, the statements of the Russian government and regulatory agencies in the US predict an uncertain future for the official birth of these digital currencies.
As for Telegram, the company is currently in legal disputes with the SEC to clarify its situation, where representatives of different companies actively participate just to prove that the company has carried out due process.
On the other hand, Facebook CEO Mark Zuckerberg attended the US House of Representatives to defend the project and clarify the doubts of legislators. In the session, it was established that Libra would not go out to any market without first complying with all permits and regulations.