Kenya Suspends Worldcoin Activities After Half Million Sign-Ups

• Kenya suspended Worldcoin activities due to security concerns.
• Registration of users entitled them to 25 free Worldcoin tokens worth Sh7000.
• CMA warned against the ongoing registration stating that Worldcoin and its products were not regulated under the Capital Markets Act.

Kenya Suspends Worldcoin Activities

The Ministry of Interior in Kenya has suspended the activities related to Worldcoin, including registration, citing security concerns. The Cabinet Secretary of the Ministry, Kithure Kindiki released a statement on August 2nd informing that “relevant security, financial services, and data protection agencies have started inquiries and investigations to establish the authenticity and legality of the aforesaid activities… Appropriate action will be taken on any natural or juristic person who furthers, aids, abets or otherwise engages in or is connected with the activities afore described”.

Worldcoin Registration Exercise

The registration exercise for Worldcoin in Kenya took place at Kenyatta International Convention Centre (KICC). Registered users are entitled to 25 free Worldcoin tokens worth about $2 amounting to about Sh7000. The uptake by Kenyan population was remarkable as thousands trooped into KICC making long queues for hours just to get their eyeballs scanned for verification purposes.

Warning from CMA

The Capital Markets Authority (CMA) in Nairobi had also warned against the ongoing registration stating that Worldcoin and its products were not regulated under the Capital Markets Act. It urged people not to engage in these activities as it could pose a risk to them financially if they do so without proper knowledge and authorization from relevant authorities.

Privacy Concerns

Although Kenyans have been excited about this new technology, some countries like France have raised questions regarding safety of data collected by Worldcoins when registering users. France’s privacy watchdog is currently investigating these crypto projects over privacy issues.

Conclusion

It is therefore important for individuals engaging in such activities to be careful and inform themselves thoroughly before investing their money into cryptocurrencies as there could be risks involved which may result in loss of funds if not handled properly with due diligence from relevant authorities..