World Coin Users Complain of its Price Reduction by Half.
The price of Worldcoin has fallen by 50%, but it is still illegal in Kenya because of privacy concerns. It was introduction on July 24.
Kenya had an uptake frenzy for the cryptocurrency project of the US-based OpenAI generative Artificial Intelligence (AI) business during the first two weeks of introduction.
Kenyans lined up at the project’s temporary locations in Nairobi to have the Worldcoin Orb scan their eyes. According to the initiators, scanning was to confirm their online identities, or World IDs.
25 free grants, also referred to as cryptocurrency tokens, were given to new members. This could be redeemed on the World App. One Worldcoin was worth $2.28 on August 1; as a result, members were receiving Ksh. 7,786 upon verification.
On August 2, Worldcoin reached its peak trading price of $2.45; after that, things only got worse.
During a spot check on Monday, nation discovered that the value of the cryptocurrency had fallen to $1.24 (Ksh.180) at the moment’s exchange rates. As a result, 25 tokens now cost around Ksh. 4,500.
The government shut down Worldcoin’s operations on August 2 to allow for an investigation into the company’s legitimacy and authenticity. This could be done by “relevant security, financial services, and data protection agencies,”. Before then, over 350,000 Kenyans had had their eyeballs scanned with the Orb.
World Coin Users Complain of its Price Reduction by Half
Users who had registered for the project could still use their grants, nevertheless.
Worldcoin reported that the World App was experiencing frequent outages as recently as August 7th.
Users who were successful in processing their grants reported receiving 10 WLD from Worldcoin. At the time, one WLD was worth $2.07 (Ksh. 386).
Worldcoin has been launching in a number of nations, including Germany and France, despite its crackdown in Kenya. On its website, the company claims to have tallied 2,261,457 sign-ups and verifications from 34 different nations.
The project remains under investigation in Europe for violating the stringent General Data Protection Regulations (GDPR) in EU member states. It has therefore faced strong criticism.
The Information Commission Office of the United Kingdom announced that it would be “making inquiries” concerning Worldcoin, and the CNIL, a French privacy watchdog, stated that the project’s use of biometric data collecting “seems questionable.”
According to the AFP news agency, CNIL designated its equivalent in the German state of Bavaria as the leading agency in Europe to conduct an inquiry into Worldcoin and said it supports their investigation after performing an initial examination.