worldcoin kenya

Is Worldcoin’s Comeback the Game-Changer Kenya’s Crypto Space Needs?

Worldcoin, the international cryptocurrency and digital identity company, plans to recommence its activities in Kenya next year after reportedly reaching a successful agreement with the government.

According to a Citizen Digital report, the company, previously banned in August due to data privacy concerns, has now agreed to fulfill specific regulatory requirements.

Worldcoin plans to resume operations in Kenya in early 2024, marking a significant development for the country’s cryptocurrency landscape.

The company’s return has broader implications, triggering a review of Kenya’s legal framework and discussions on legislative interventions related to biometric data collection.

This highlights the complexities faced by crypto projects in adhering to regulations and underscores the dynamic nature of the cryptocurrency sector in Kenya.

Worldcoin’s operations were suspended in Kenya due to concerns raised by authorities over the safety of biometric data collected for user verification using iris scans. The project offered a digital ID called World ID to those who registered on the platform.

Approximately 635,000 Kenyans had downloaded the app by September. The Interior Cabinet Secretary Kithure Kindiki and other officials expressed reservations, citing potential threats to the country’s statehood and privacy concerns.

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Despite facing criticism globally, including in Argentina, the company, co-founded by Sam Altman and Alex Blania, plans to resume full operations in Kenya in the early months of 2024, according to an unnamed source cited by Citizen Digital.

Cryptocurrencies, particularly Bitcoin, have gained significant popularity in Kenya, where it ranks first globally for peer-to-peer trading volume and fifth for total cryptocurrency activity.

About 8.5% of Kenya’s population, over 4.5 million people, currently own cryptocurrencies, placing Kenya sixth in the world for crypto adoption.

This widespread ownership has the potential to foster financial inclusion and innovation, leveling the economic playing field. However, regulatory challenges exist, with policymakers grappling to reconcile cryptocurrencies with existing regulations.

The suspension and subsequent negotiations with Worldcoin highlight these complexities, emphasizing the need for legal reform to balance technological development with privacy, security, and human rights concerns.

The implications of Worldcoin’s return and broader cryptocurrency adoption in Kenya hinge on resolving these regulatory and legal challenges.

How to withdraw from worldcoin to mpesa

To withdraw WorldCoin to M-Pesa, you have two options. Firstly, you can use a third-party exchange supporting both WorldCoin and M-Pesa. After creating an account, deposit your WorldCoin and then withdraw it to your M-Pesa wallet. Alternatively, opt for a peer-to-peer (P2P) exchange, where you trade WorldCoin directly with other users. Once you find a buyer, arrange for the funds to be transferred to your M-Pesa wallet.

Note that withdrawal fees apply, and the amount varies based on the chosen exchange or P2P platform. For a third-party exchange:

  1. Create an account supporting WorldCoin and M-Pesa.
  2. Deposit WorldCoin.
  3. Withdraw to your M-Pesa wallet.
  4. Pay the withdrawal fees.

For a P2P exchange:

  1. Find a buyer for your WorldCoin.
  2. Arrange fund transfer to your M-Pesa wallet.
  3. Pay the withdrawal fees.

In an interview with CNBC Television, Blania explained the rationale behind Worldcoin’s recent World ID upgrade, introducing face biometrics for verification.

He emphasized the changing landscape of the internet and the upgrade’s role in addressing bot issues and ensuring individual identity on the cryptocurrency platform.

The new face biometrics protocol by Tools for Humanity allows re-authentication, recovery of lost World ID, and seamless integration with other platforms while prioritizing user data privacy.

Blania expressed confidence in Worldcoin’s rapid growth globally, anticipating further expansion into new markets.

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