Spain has temporarily suspended Telegram services following a directive from the Supreme Court. The measure was taken following complaints from Spanish media businesses that users were sending media content without permission. Following this development, toncoin The price of (TON) fell by 5% in a few hours.
Spanish Court Orders Temporary Suspension of Telegram
The country’s Supreme Court ruled on the messaging app in Spain on March 23 TelegramTemporarily suspended .
Media companies such as Atresmedia, EGEDA, Mediaset and Telefonica accused Telegram of allowing them to upload content without permission. According to Judge Santiago Pedraz, a temporary ban on the services of these companies will be imposed until their claims are investigated.
Spanish antitrust agency CNMC ranks Telegram as the fourth most popular chat app in the country. More than 700 million people worldwide use this service monthly.
According to a recent court ruling, Spain now ranks as one of four countries that have banned texting, along with North Korea, China, Iran and Pakistan.
Toncoin’s Value Falls
Following the announcement, the native token price of Telegram’s decentralized blockchain Toncoin dropped. Even though their IPO was well-received and the company raised $330 million from bond sales, the price fell more than 5%.
With a weekly increase of 27% and an intraday gain of 10%, the price of TON is rising. The price, currently $4.76, has changed between $4.16 and $5.15 in the last 24 hours. Additionally, there has been a 140% increase in trading volume in the last 24 hours. This shows that traders are paying more attention to the market.
Following the announcement of the $115 million distribution of TON and the launch of Telegram’s advertising platform, the price of Toncoin skyrocketed. The promise of advertising revenue and the increased reach of the platform motivates investors to respond to Toncoin’s potential for greater adoption within their ecosystems.
You can access current market movements here.
