The Telegram Open Network ICO is reported to have banned investors and countries under international sanctions from participating in their ICO. The network managed to raise $850 million in its initial pre-sales.
According to an agreement for buying of gram tokens, the networks suggested a local digital currency as reported by Russian RBC. Individuals who have been sanctioned by the US, EU, Britain, or even the United Nations Security Council, will not be authorized to invest into the ICO program.
The sanction extends to close relatives including spouses, children parents, and siblings. They are forbidden from participating in the Telegram ICO project. Furthermore, ban on investment extents to nations like Syria, Cuba, Crimea, Iran, and North Korea who are under sanction by the UN Security Council.
The Existing Reports That Confirm The Agreement
The group investor contract exists and has been confirmed by an anonymous Russian businessman together with top managers of the venture’s fund company. They are both considering investing in the telegram ICO projects as soon as it is launched.
The plans to launch blockchain by telegram were reported in early January 2018 by TechCrunch. The TON platform and gram were the homegrown Cryptocurrencies to be launched as per the telegrams plans. Sputnik also reported earlier that the company was gearing towards raising $1.2 billion to develop a virtual economy with the telegram app and create its Blockchain. It was to be based on the finances, and it offers investing businesses full access to its traffic through advertisement exchange and a virtual storefront where consumers were to pay in grams.
TON tough rules on investors’ identity
It is anticipated that the ICO will employ tough rules to identify investors. It seeks to identify investors using their passports, recommendations from their banks and proof of citizenships. Telegram aim is to accumulate a huge amount of money during an ICO. Therefore it’s not alarming that the telegram app Company is employing all means to cover its bases. The company is focusing on deserving, qualified investors. It is also laying down strict procedures to avoid future litigations or disagreements.
The anticipated TON ICO benefits
After successfully raising $850 million in the initial round of their closed pre-sales, the second round is soon being unveiled, and it will be bigger than ever aiming to raise another $850 million or more in its investments. The demand has increased and is increasing each day; new investors are willing to venture into the business.
However, there are new reports emerging that Telegram open network will not be offering any public shares because closed sales permit restraint on players in the business.
Notwithstanding, reduced or even no public sales, entrepreneurs will enjoy selling their tokens freely so long as closed sales are completed. This is likely to end up in the Cryptocurrency exchanges for public merchandise.
The high ratings around TON and the leaked whitepaper have set huge anticipations in the field. Telegram alleges its block chains network will be faster than the ones in place. It also promises several services on top of the existing ones like storage, decentralization, VPN, proxy services and a fully completed ecosystem for decentralized apps just like Ethereum. Regrettably, most of the people may not be allowed to participate in the telegram ICO project.