Iran Claims Telegram ICO is a Threat to National Security

Derrick Broze

The Iranian government concluded 2018 by declaring the popular messaging app Telegram and their developing cryptocurrency token a threat to the national economy.

The Tehran Times reported that Javad Javidnia, Iran's Secretary Secretary of the Criminal Content Definition Task Force, will consider any cooperation with Telegram will be considered an act against national security and a disruption to the economy.

In 2018 Telegram held an initial coin offering (ICO) for its coming blockchain platform Telegraph Open Network (TON) and Gram token. Telegram raised nearly $1.7 billion in investments to support the development of the Telegram messenger app and TON. Javidnia said:

One of the most important factors in banning Telegram was a sense of serious economic threat from its activities, which was unfortunately marginalized and neglected due to the fuss in the political atmosphere of the country.

The latest statements come after Iran first banned the app from government use back in April 2018. Eventually the app would be banned in Iran altogether. Iranian officials have stated that Telegram's ICO was potentially “undermin[ing] the national currency of Iran.”

Hassan Firouzabadi, the secretary of the High Council of Cyberspace, referred to Telegram as an “enemy of the private sector,” since “Telegram never [agreed] to have an office in Iran and refused to work with the private sector.”

JPMorgan Chase Positively Wades Into Crypto After Years of Hate

Colin Muller
  • JPMorgan is now servicing Gemini and Coinbase
  • The move represents a full reversal of JPM's stance
  • Crypto is now deeply institutionalized

The financial services giant and bank JPMorgan Chase & Co have seemingly reversed on a long-held stance, that crypto is bad, by beginning to service U.S. cryptoasset exchanges Gemini and Coinbase.

JPMorgan’s apparent reversal comes after years of institutionalized disdain for crypto, with the bank’s CEO Jamie Dimon being a vociferous critic circa 2017. According to Bloomberg, JPMorgan had been conducting due diligence on the exchanges “for months” before making the move. The bank’s adoption of crypto signals what can only be a highly regulated crypto-fiat landscape.

During 2019, JPMorgan had in fact started to visibly thaw on the subject of crypto, even experimenting with their own distributed ledger tech in the form of the so-called “JPM Coin”.

Dimon displayed during an interview his awareness of the competition posed by crypto, directing his people to assume that crypto and/or Fintech was “coming [...] to eat your lunch.” Despite this, he was bearish on the prospect of Facebook’s Libra project succeeding or even launching, saying in October 2019 that it would “never happen”.

big dropJPM chart by TradingView

JPMorgan’s publically traded stock has fallen recently, retreating from all-time-highs set in December 2019 in February, even before the coronavirus pandemic started to wreck the markets in March. It is down about 37% from those highs, trading now at about $87.

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