Home / News / Crypto / News / Worldcoin Boss Alex Blania Meeting With Argentine Regulators Could Define What WLD is About
News
3 min read

Worldcoin Boss Alex Blania Meeting With Argentine Regulators Could Define What WLD is About

Last Updated 6 days ago
Teuta Franjkovic
Last Updated 6 days ago
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Alex Blania meets with Argentine officials to address concerns and clarify the project’s goals in the face of scrutiny.
  • Worldcoin faces investigations and potential penalties in Argentina, with stricter regulations looming.
  • In response to regulatory pressure, Worldcoin introduces new features, giving users greater control over their data.

Alex Blania, CEO of Tools For Humanity, the company behind Worldcoin, has recently met key Argentine officials .

This visit comes as part of an effort to sustain and expand the company’s operations within the country.

Worldcoin Seeks Regulatory Peace with Argentine Officials

Reports from local media  indicate that Blania held discussions with prominent members of President Javier Milei‘s team, including Demian Reidel, President of the Council of Economic Advisors March 2024. The purpose of these meetings was to clarify the goals of Worldcoin’s project. This, in turn, comes in response to concerns raised by regulators who accuse the initiative of violating Argentine citizens’ rights.

At the same time, Worldcoin has launched an advertising campaign targeted at Argentine users . The campaign emphasizes the benefits of possessing a unique decentralized identification app. In an attempt at humour, it said how it could prevent one from being mistakenly identified as, say, Lionel Messi.

Worldcoin Denies Wrongdoing as Argentine Investigation Intensifies

Worldcoin, managed by Tools For Humanity, is under a preliminary investigation by Argentina’s Public Information Access Agency (AAIP), the national data comptroller. Additionally, it faces legal challenges in the Buenos Aires province, where it has been indicted for allegedly violating citizens’ legal rights.

Despite these accusations, Worldcoin has denied any wrongdoing. The company asserts that it has responded comprehensively to all inquiries from the regional government. It also says the allegations are unsubstantiated.

Worldcoin could face penalties up to $1 million if found guilty of these charges by the regional adjudicatory system. Also, the legislative landscape may become even more challenging. This is because the Buenos Aires provincial legislature has made two new proposals, which would regulate the activities of biometric identification companies like Worldcoin.

Employing Zero-Knowledge Proofs for Enhanced Privacy

Recently, Worldcoin has introduced enhanced privacy features in response to increased regulatory scrutiny.

A key element of this update is the introduction of “Personal Custody, ” along with a new “Unverify World ID” option. These features use Zero-Knowledge Proofs (ZKPs). This technology allows for the verification of transactions without revealing sensitive information such as transaction amounts or the identities of the involved parties.

Also, World ID holders now have the option to permanently delete their iris code, which deactivates their World ID. Following this deletion, a mandatory six-month “cool-off” period is implemented to mitigate potential fraud risks. After this period, the user’s iris code is irreversibly deleted.

Additionally, Worldcoin has implemented on-site age verification checks to ensure that only individuals aged 18 and above can access the platform.

Was this Article helpful? Yes No