Trading iris scans for cryptocurrencies amidst inflation: Is it worth the risk?

Argentines trading iris scans for cryptos amid soaring inflation #

This peculiar trend stems from the critical inflation rates of over 200% that hit the country in 2023.

Caught in the whirlwind of economic turmoil, about half a million Argentines have decided to offer their iris scans to a biometric system in return for some cryptocurrency tokens. Juan Sosa, a 64-year-old martial arts teacher, sheds light on his decision, « I do it because I don’t have a single peso. I didn’t want to, but I need the money, » he shares after trading his iris scan for approximately 80 dollars’ worth of tokens.

Worldcoin’s global financial network: A solution or a problem? #

Worldcoin, the entity behind this initiative, aims to establish the largest global financial and identification network based on blockchain technology. It promises its users an opportunity to prove their identity online without sharing any personal data. Nevertheless, this initiative raises several questions, particularly concerning the protection of biometric data.

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In several countries such as Spain and Portugal, Worldcoin’s operations have been temporarily suspended pending investigations on compliance with privacy protection standards. The company, launched by Sam Altman, the head of OpenAI, in July 2023, is currently under scrutiny to ensure the safety and privacy of its users.

The promised change with Javier Milei remains elusive #

Despite the hope Javier Milei’s rise to power instilled in many Argentines, the situation, unfortunately, remains unchanged. The government has mandated a compulsory registry for virtual asset service providers, a move that Hernan Yellati from Borderless Capital views as contradictory to Milei’s liberalization promises. Although it mirrors a policy from a previous era, its repeal might be slow, consequently hindering the adoption of cryptos in Argentina.

Despite concerns about data security, many, like 33-year-old musician Federico Mastronardi, see Worldcoin’s initiative as an opportunity. « I’ve been giving my personal data to countless companies for years. At least, these guys will give me some money! » he remarks.

The pros and cons: A quick summary #

• Pros: A potential solution to the economic crisis, an opportunity to earn money, and a promise of online identity proof without sharing personal data.
• Cons: Privacy concerns, potential misuse of biometric data, and slow adoption of cryptocurrencies due to government regulations.