Regulation
Worldcoin expands into Mexico; Under scrutiny in Argentina
Worldcoin, the ambitious crypto project co-founded by OpenAI’s Sam Altman, is expanding its presence in Latin America. The project marked its recent move to Mexico, while simultaneously facing regulatory challenges in Argentina.
Worldcoin’s contrasting dynamics in Latin America show the complex balance between innovative technological growth and the need for strong data protection laws. In today’s digital age, achieving such a balance is essential.
Worldcoin expansion sparks data protection debate in Latin America
In an article published Monday on its official X account, Worldcoin announcement that it extends to Mexico. Local media reported that Worldcoin has launched operations in nine different locations in Mexico. This expansion makes Mexico the third largest market in Latin America for Worldcoin, behind Argentina and Chile in terms of user engagement.
Despite the enthusiasm, Worldcoin’s project in Latin America has raised concerns among local officials in Mexico. María Eugenia Hernández, representative of the Morena party in Congress, is one of the parliamentarians who Express his worries. On April 15, Hernández called for a thorough review of Worldcoin Data Protection Practices by the National Transparency Institute (INAI).
Learn more: What is Worldcoin? A Guide to the Iris Scanning Cryptography Project
In Argentina, the reaction was firmer. Carlos Puglelli, provincial deputy of Buenos Aires, presented legislation to regulate companies that collect biometric data through methods such as iris scanning. Puglelli’s proposal aims to establish a clear legal framework ensuring transparency, fairness and the protection of consumer rights in digital transactions.
“It is essential to adapt our legislation to the challenges posed by the digital age. This law aims to protect the rights of consumers and users in an increasingly digital environment, guaranteeing confidentiality and security of their data”, Puglelli sharp out.
Puglelli’s legislative efforts also include the creation of a provincial registry of digital applications of biometric data to oversee and control the activities of technology companies operating in this space. This register is part of a wider attempt to foster a safer digital environment for consumers. Therefore, it will ensure careful treatment of users’ personal information and that they are not subject to unfair contractual conditions.
The legal text proposed by Puglelli stipulates that any processing of personal data must be based on the free, express and informed consent of users. Additionally, digital application providers must adopt adequate security measures such as information encryption and access controls to protect user data. Violations of these provisions could also result in heavy fines or even revocation of operating permits.
His initiative followed accusations against Worldcoin for incorporating allegedly unfair terms into their contracts. BeInCrypto reported that the government of Buenos Aires resulted in a fine of $1.2 million for the project.
Internationally, Latin America’s expansion and regulatory responses echo global concerns about Worldcoin. The courts of Kenya and Spain have taken even more decisive actionstemporarily suspending project operations due to privacy concerns.
Learn more: 5 Best Worldcoin (WLD) Wallets in 2024
Worldcoin (WLD) Price Performance. Source: BeInCrypto
Despite recent developments, the price of Worldcoin’s native token, WLD, has remained relatively stable. Over the past 7 days, WLD has consolidated in a range of $4.2 to $4.9. Currently, WLD is trading at $4.51, an increase of 1.51% in the last 24 hours.
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