• Tue. Jul 16th, 2024

Worldcoin Breaks New Record, Records For Sign-Ups Amid Official Scrutiny

Maria Bartiromo

ByMaria Bartiromo

Aug 31, 2023

Worldcoin set a record for the number of Argentines who signed up in a single day, with 9,500 verifying their World IDs in less than 24 hours. This accomplishment is happening amid an ongoing probe by the local authorities. Worldcoin has announced an enormous increase in sign-ups as it continues to grow its presence globally.

The reason behind the growing new sign-ups has been linked to Worldcoin’s incentives, as it provides users with $50-$60 worth of cryptocurrency. As of press time, Worldcoin is valued at $3 billion, with  2.2 million registered users globally since its launch in 2021.

Investigations show that the coin’s increased relevance was noticed in four important Argentine cities — Mendoza, Buenos Aires, Mar del Plata, and Cordoba. The project was reported to have recorded some flops in the past. Worldwide operations were temporarily suspended in Kenya, one of the most important regions where the project had attracted hundreds of thousands of users.

Speaking on the development in Kenya, Kithure Kindiki, Kenya’s minister of Interior, stated on his Facebook page on Wednesday, 2nd August, that the government is interested in the ongoing activities in Worldcoin. The statement read that the Kenyan government has suspended its (Worldcoin)  activities and other similar activities in Kenya until the relevant authorities certify it as safe for use.

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Worldcoin Success Interrupted In Kenya, Succeeds In Argentina

The Block had previously reported that by the end of 2022, more than a quarter of a million citizens of Nairobi would have supported Worldcoin’s journey in Kenya. Concerns about the project’s regulatory compliance and capability to negotiate several legal frameworks following the temporary halt of operations in Kenya had been raised.

The Block reporter Timmy Shen reported that at the beginning of the month, Argentina’s authorities, Argentina’s Public Information Access Agency, announced it would thoroughly scrutinize the process and procedure deployed in the collection, the use of personal information, and the storage. The Argentine authorities also stated that they will take exclusive measures to solve any issues identified in the project.

Shen also stated that the current local investigation in Argentina complicates the project’s success, explaining that regulator scrutiny could impact Worldcoin’s future operations even as it celebrates its accomplishments. He added that the project’s success in the area may depend critically on its capacity to traverse this examination and show conformity with local laws and regulations.

However, because the Worldcoin project makes use of iris scans and other sensitive features, the Worldcoin community and experts alike have doubted the use of the ID and other data (including biometric data) collected from the use of the coin – wondering how to save they would be in the database.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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