Pavel Durov’s arrest is a bad omen for Telegram-linked Toncoin (TON) and the cryptocurrency realm in general,
Paul Goncharoff, chief manager of the consulting firm Goncharoff LLC, told
Sputnik.
Trustless systems allow participants to carry out transactions in a peer-to-peer (P2P) setting, and are the opposite of centralized systems, such as banks.
As Pavel Durov’s detention continues,
sparking an outcry over what is perceived as an attack on free speech rights, Toncoin’s future will hinge to a degree on what happens to Telegram, Goncharoff speculated.
While Toncoin was initially created independent of Telegram, “its use cases and future are closely linked to Telegram Apps,” he noted.
Furthermore, the TON blockchain announced on August 28 that it was experiencing a disruption in block production. Bybit, a major cryptocurrency exchange, suspended all Toncoin deposits and withdrawals due to the network’s instability.
All that said, according to Goncharoff, it is "too early to say what inter-relationship will evolve, as the key issue is confidentiality and the secure ownership of a crypto asset,” the pundit said.
Now that Durov’s arrest has sparked numerous discussions about the freedom of speech, user privacy, and CEO accountability, Paul Goncharoff voiced the opinion that Telegram “will become the freedom standard for the non-G7 world, read that as BRICS.”
“This may very well turn into a very visible example of the democratic freedom under the G7 slogan 'the rules are for you, but not for us,' or 'do it our way, or hit the highway.' This may evolve into an issue far larger than itself, and has every chance of further showcasing the political and rules-abetted hypocrisy running rampant throughout the Western world. It is not as if everyone is squeaky-clean, however the dissonance is far worse when preaching democratic 'values,' and at the same time trampling them into oblivion – it is a very slippery slope we're on,” he concluded.