MOSCOW: The Telegram messaging service is planning to issue its first native cryptocurrency, dubbed Gram, within the next two months, The New York Times reported, citing investors.
According to the report, the company is planning to make Gram digital wallets available to 200-300 million of messenger users worldwide.
The newspaper added that before the coins were sent out, Telegram would release a test version of the Gram network within the next week or two.
The new cryptocurrency will allow users to buy and sell goods on Telegram, as well as move the money anywhere in the world.
Such options raise concerns among governments since the system may be misused by drug dealers and other criminals.
Telegram’s plans for cryptocurrency became evident in 2018, when it managed to raise $1.7 billion for its blockchain platform, Telegram Open Network. The company has not revealed any of the details for its project and prefers to develop it in secrecy.
The Telegram messenger was developed in 2013 by brothers Nikolai and Pavel Durov, Russian entrepreneurs, who are also known for founding the VK social networking site. The messenger approximately has 365 million users globally.