South American Country Reiterates Crypto Restrictions Amid Worldcoin Trouble
Worldcoin (WLD), the cryptocurrency project co-founded by Sam Altman of OpenAI, has stirred significant attention in Ecuador since its introduction in June.
However, this surge in interest has led local authorities to issue warnings regarding the project’s legitimacy and potential risks.
The Central Bank of Ecuador has recently reiterated its stance against the use of digital assets for transactions. Their statement follows Worldcoin’s launch of its World ID verification service, which became available at several locations in Quito and Guayaquil at the end of June. The service, which involves iris scanning for verification, has attracted many participants eager to earn Worldcoin tokens.
Reports from local media suggest that while Worldcoin has gained traction, some participants may not be fully aware of the implications of sharing their biometric data. Concerns have been raised about the transparency of the process and the potential for exploitation.
READ MORE:
SEC to Presumably Take Enforcement Action Against Large Asset ManagerIn addition, Ecuador’s new Data Protection Superintendency (DPS) has criticized Worldcoin for not informing authorities about its operations, citing a lack of resources to monitor such activities. The Superintendence of Companies (SOC) also cautioned the public about Worldcoin’s unregulated status and advised against providing biometric data for incentives.
The Central Bank of Ecuador emphasized that cryptocurrencies are not recognized as legal tender in the country and warned that transactions involving digital assets would be reported for further investigation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Price Set for Breakout Amid Parallels to 2017’s Epic Rally
MAJORUSDT now launched for futures trading and trading bots
Bitget has launched MAJORUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 28, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. MAJORUSDT-M perpetual futures: Parameters Details Listi
Top Altcoins with Rising Sentiment Post-Market Recovery
Pump Science apologizes after GitHub key leak leads to fraudulent tokens
Share link:In this post: The DeSci platform Pump Science has warned its users not to trust any tokens launched using its Pump.fun profile. Pump Science said it would never launch its tokens on Pump.fun. While Pump Science holds BuilderZ partially responsible for the security breach, it does not think BuilderZ was the attacker.