In a recent development, the High Court in Spain has issued an order to temporarily halt the services of the messaging app Telegram within the country. This decision was prompted by complaints from various media companies in Spain, alleging that Telegram permitted users to share media content without proper authorization on its platform.

Consequently, the value of Toncoin (TON) experienced a rapid decline of 5% within a short span of time.

Spain's High Court Imposes Temporary Ban on Telegram

Following grievances raised by media entities such as Atresmedia, EGEDA, Mediaset, and Telefonica regarding unauthorized content distribution on Telegram, the High Court in Spain has directed a temporary suspension of the messaging application within the nation. Judge Santiago Pedraz has endorsed this measure until a thorough investigation into the allegations is conducted.

Telegram holds the position as the fourth most popular messaging service in Spain, as per data from the competition watchdog CNMC, boasting over 700 million active users globally. With this recent legal action, Spain has now joined a select group of nations that have restricted access to Telegram, including North Korea, China, Iran, and Pakistan.

Toncoin (TON) Witnesses Price Decline

Toncoin, a decentralized blockchain project associated with Telegram, faced a notable drop in its native token's value following this development. Despite positive advancements like preparations for Telegram's IPO and successful bond sales raising $330 million in investments, TON's price plummeted by more than 5%.

Over the past 24 hours, TON's price has surged by 10% and experienced a 27% increase over the week. Currently trading at $4.76, with a daily low and high of $4.16 and $5.15 respectively, trading volume has spiked by 140% in the last day, indicating heightened interest among traders.

The recent surge in Toncoin's price can be attributed to announcements like the $115 million TON distribution plan and the launch of Telegram's advertising platform. Investors are optimistic about Toncoin's potential for wider adoption within Telegram's ecosystem due to anticipated advertising revenue and the platform's expanding user base.