Why Russia’s attempt to stop Telegram is a positive development

Demonstrators threw paper airplanes — the corporate symbol for Telegram — in front of the Moscow headquarters of the F.S.B., Russia’s secret police, to protest a ban on the popular messaging app. CreditPavel Golovkin/Associated Press.

We are of the opinion that the ban of Telegram by the Russian government is a positive development. Telegram has become the primary channel where crypto related companies are building communities and momentum for project funding. The majority of these communities are highly engaging, informative, and well managed. However, there are a plethora of scammers and pump and dump groups active on telegram that are corrupting the market. These nefarious groups are part of the element that are giving the crypto market a bad name.

There’s no shortage of ICO’s that have ridiculous funding requirements and are raising funds just because they can. A good example is the ICO of Telegram itself. Why do you need to raise BILLIONS if your product is already up and running?

There needs to be some degree of oversight, regulation or at least guidelines in these forums to help prevent Telegram users from investing in something they should be protected from or better informed of.

Therefore, we feel that the ban by the Russian government is a positive move because it’s promoting a discussion that may in the end be beneficial for the entire crypto space.

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Author: This article was written by Waseem Sadiq, CEO at Tradebits

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