Telegram founder Pavel Durov leaves France for Dubai – TON rises by 20%

Telegram founder Pavel Durov leaves France for Dubai, TON rises by 20 percent

According to a media report, Telegram founder Pavel Durov has moved his home base from France to Dubai. As a result, the Toncoin (TON) cryptocurrency, emerging from Telegram’s environment, experienced a price surge.

With Telegram, Pavel Durov has written a major success story, and it is clear to see that he also made a fortune in the process. Now, Bloomberg reports that Durov has turned his back on France and relocated to Dubai. The background to this is problems with French tax authorities, a source familiar with the situation told the news agency.

Thus, Durov narrowly escapes possible sanctions from French authorities. Durov’s new residence is Dubai in the United Arab Emirates, where other wealthy Russian IT entrepreneurs have already found their new homes. The Russian-born Durov himself has either French or Saint Kitts and Nevis citizenship, depending on the source. France is also said to have granted him a special residence permit.

In the crypto scene, news of Durov’s move to Dubai sparked noticeable excitement. Because with the blockchain Toncoin (TON), there’s a project closely associated with Durov, even though he publicly distanced himself from it a few years ago. Some of the developers involved with TON are former Telegram employees.

TON is being developed to combine messaging and other everyday activities such as banking and e-commerce on one blockchain. Therefore, Durov’s move to Dubai is seen as advantageous by many for TON, not least because Dubai itself is positioning itself as a cryptocurrency-centric city. In any case, the price of TON responded promptly with a nearly 20 percent rise, reaching levels around $2.10.

Conclusion: Pavel Durov resets the sails

For Telegram itself, Durov’s future whereabouts are irrelevant since he can easily perform his duties remotely as CEO. However, for the TON project, Dubai suddenly seems a lot closer than before due to the upcoming discussions and infrastructure. Furthermore, it remains to be observed whether Durov in Dubai will once again engage more intensively with cryptocurrencies.