Worldcoin Expands to Mexico While Argentina Considers Regulation
Worldcoin, the ambitious crypto project co-founded by OpenAI’s Sam Altman, is expanding its footprint into Latin America. The project marked its recent move into Mexico, yet simultaneously facing regulatory challenges in Argentina.
The contrasting dynamics of Worldcoin in Latin America show the intricate balance between innovative tech growth and the need for robust data protection laws. In today’s digital era, achieving such balance is essential.
Worldcoin’s Expansion Sparks Debate on Data Protection in Latin AmericaIn a Monday post on its official X account, Worldcoin announced that it is expanding to Mexico. Local media reported that Worldcoin has launched operations in nine different Mexico locations. This expansion makes Mexico the third-largest Latin American market for Worldcoin, trailing only behind Argentina and Chile regarding user engagement.
Despite the enthusiasm, Worldcoin’s venture in Latin America has sparked concerns among local officials in Mexico. María Eugenia Hernández, a Congressional representative from the Morena party, is one of the lawmakers who expressed her worries. On April 15, Hernández called for a thorough review of Worldcoin’s data protection practices by the National Transparency Institute (INAI).
Read More: What Is Worldcoin? A Guide to the Iris-Scanning Crypto Project
Meanwhile, in Argentina, the reaction has been more stringent. Carlos Puglelli, a provincial deputy in Buenos Aires, has introduced legislation to regulate companies that collect biometric data through methods like iris scanning. Puglelli’s proposal seeks to establish a clear legal framework that ensures 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 seeks to protect the rights of consumers and users in an increasingly digitalized environment, ensuring the privacy and security of their data,” Puglelli pointed out.
Puglelli’s legislative efforts also include creating a Provincial Registry of Digital Applications of Biometric Data to oversee and control the activities of technology companies operating in this space. This registry is part of a broader attempt to foster a safer digital environment for consumers. Therefore, it will ensure the careful handling of users’ personal information and that it is not subject to unfair contractual terms.
The legal text proposed by Puglelli mandates that any processing of personal data must be based on the users’ free, express, and informed consent. Moreover, digital application providers must adopt adequate security measures like information encryption and access controls to safeguard user data. Violations of these provisions also could lead to hefty fines and even the revocation of business permits.
His initiative followed accusations against Worldcoin for incorporating allegedly abusive clauses in their contracts. BeInCrypto reported that the Buenos Aires government prompted a $1.2 million fine for the project.
On the international front, Latin America’s expansion and regulatory responses echo global concerns about Worldcoin. Jurisdictions in Kenya and Spain have taken even more decisive actions, temporarily suspending the project’s operations amid privacy concerns.
Read 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. For the past 7 days, WLD has consolidated within the $4.2 to $4.9 range. Currently, WLD is trading at $4.51, marking a 1.51% increase over the last 24 hours.
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