• Tue. May 21st, 2024

Worldcoin makes progress in Argentina during economic crisis: offering cryptocurrency in exchange for iris scans

BySamantha Johnson

Apr 10, 2024
Worldcoin makes progress in Argentina during economic crisis: offering cryptocurrency in exchange for iris scans

In a shopping center in Buenos Aires, Juan Sosa stands before an “orb” of the company Worldcoin to scan the iris of your eyes in exchange for cryptocurrencies. Hundreds of thousands of Argentines have already done this, driven by inflation and fiscal adjustments. Sosa, a 64-year-old martial arts teacher, explains that he does it because he has no money and can’t find a job due to his age.

Standing in front of the silver sphere with a built-in camera, Sosa receives a token transfer equivalent to about $80 in his digital wallet after scanning his iris. This process is repeated at 250 Worldcoin stands across Argentina, where lines have been seen at the stands in recent months. The company was founded in 2023 by Sam Altman and uses an iris-based identity verification system to provide cryptocurrency bonuses.

Worldcoin is closely monitored by regulators in several countries, but the demand in Argentina is high due to the economic situation. In 2024, more than 500,000 Argentines had scanned their iris, making up over 15% of participants worldwide. The company aims to create a financial and identification network using blockchain technology, allowing users to verify their identity online without sharing personal data.

While some users like Miriam Marrero do it out of necessity to help friends or make ends meet, others like Ulises Herrera have concerns about the security and privacy of their biometric data. The company claims to protect the data with advanced security features and is in constant dialogue with regulators. However, technology policy specialist Natalia Zuazo warns that biometric data like the iris is ultra-sensitive and users may not fully understand the implications.

Despite the concerns, many people like Federico Mastronardi see it as an opportunity to earn money by exchanging personal data for financial incentives. However, Zuazo criticizes Worldcoin’s approach as targeting countries in crisis and exploiting vulnerable populations. Ultimately, the decision to participate in the iris scanning program is a personal one, driven by a mix of curiosity, necessity, and financial incentives.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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