Toncoin (TON) Price Drops As Spain Bans Telegram
Highlights
- Spain High Court ordered the temporary suspension of messaging app Telegram.
- Media companies including Atresmedia, EGEDA, Mediaset, and Telefonica complained against Telegram.
- Toncoin (TON) price fell 5% after the news.
Telegram services have been temporarily suspended in Spain after an order by the High Court. The move comes after media companies in Spain complained that Telegram allowed users to upload media content without permission on the platform. As a result, Toncoin (TON) price tumbled from 5% within hours.
Spain Court Announces Temporary Suspension of Telegram
Spain High Court ordered the temporary suspension of messaging app Telegram in the country after complaints by media companies related to content distribution, reported Reuters on March 23.
Media companies including Atresmedia, EGEDA, Mediaset, and Telefonica claimed that Telegram was allowing users to upload their content without permission. Judge Santiago Pedraz nods to a temporary ban on Telegram services until the arguments are investigated.
Telegram is the fourth most-used messaging service in Spain, according to competition watchdog CNMC. The company had more than 700 million monthly active users globally.
After the recent court order, Spain has joined the exclusive club of countries that have blocked the messaging — North Korea, China, Iran, and Pakistan.
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Toncoin Price Tumbles
Toncoin, a decentralized blockchain developed by Telegram, saw its native token price tumble after the news. The price fell over 5% despite positive developments surrounding Telegram’s IPO and even secured $330 million in investment through bond sales.
TON price is up 10% in the last 24 hours and 27% in a week. The price is currently trading at $4.76, with a 24-hour low and high of $4.16 and $5.15, respectively. Furthermore, the trading volume has increased by 140% in the last 24 hours, indicating a rise in interest among traders.
Toncoin price has soared amid the $115 million TON distribution announcement and the launch of Telegram’s advertising platform. Investors are responding to the potential for increased adoption of Toncoin within Telegram’s ecosystem, driven by the promise of advertising revenue and the platform’s expanding reach.
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