In line with the United Kingdom and France, Kenya has now turned its attention to Sam Altman’s Worldcoin initiative. Today, the country’s interior ministry announced the temporary cessation of the cryptocurrency project’s operations within its borders. This step has been taken to allow government agencies to thoroughly assess potential risks to public safety connected with the project. Interior Minister Kithure Kindiki emphasized that relevant security, financial services, and data protection authorities have initiated inquiries and investigations to verify the legitimacy and legality of the mentioned activities.
Worldcoin’s Rising Popularity in Kenya: An In-Depth Examination
Worldcoin has gained notable traction in Kenya, attracting a large number of participants, with more than 350,000 Kenyans registering for the iris scanning initiative. In return for their involvement, they received free cryptocurrency tokens valued at around 7,000 Kenyan shillings, equivalent to approximately $49.09. The project has set up 25 iris-scanning facilities in various malls and supermarkets across the city, making it easily accessible.
To get started, new users must install the World App on their smartphones, scan a QR code, and position their faces in front of the orb to scan both of their irises.
Upon registration, users initially received one WLD token. However, when the cryptocurrency was listed on several crypto exchanges, including Binance, new users were given an additional 25 coins. As of July 31, these 26 coins were valued at $59. Kenyans who participated in Worldcoin’s initial recruitment campaign in 2021 found themselves with $132 in their accounts after the official launch. Nonetheless, access to this money is not immediate, as users must transfer it to a crypto wallet, which then converts the tokens into real US dollars.
This development is significant for Kenyans, as many individuals still struggle to find jobs despite an overall decline in the country’s unemployment rate, which currently stands at 4.90%. However, recent government actions might have implications for those who rely on this income to meet their financial obligations. Jackson Maina, a university graduate who has been unemployed for five years, shared his perspective, emphasizing the immediate need for money to settle bills, with privacy concerns taking a backseat for now.
Unveiling the Hidden Side of Worldcoin
The cryptocurrency industry has a track record of fraudulent activities, and even Worldcoin has not been immune to such incidents. Alongside concerns regarding data privacy, scammers have been drawn to exploit the Worldcoin platform. Currently, a considerable number of crypto scammers are targeting users with limited knowledge about Worldcoin. As new users lack a crypto wallet to access their rewards, some are compelled to sell their crypto rewards for a minimal cash amount. According to a Worldcoin agent, these scammers are redirecting the crypto tokens, valued at approximately $60, to their own accounts and providing their victims with only Sh1,000 ($7) in cash.
This situation presents an opportunity for the Kenyan government to subject the project to further scrutiny and investigation.