The Kenyan government paused the Worldcoin registration process on Wednesday, August 2, as people rushed to register so they wouldn’t lose out.
Making the announcement, the Interior Cabinet Secretary (CS) Kithure Kindiki stated that the process would no longer continue until all security measures are met.
“The government has suspended forthwith activities of World Coin and any other entity that may be similarly engaging the people of Kenya until relevant public agencies certify the absence of any risks to the general public whatsoever.
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.” read part of the statement.
Worldcoin is a new project by OpenAI CEO Sam Altman where users are required to provide their iris scans in exchange for digital identification and free cryptocurrency called Worldcoin token.
Kenyans Have been queuing in shopping malls to scan their iris in exchange for Worldcoin tokens worth Ksh 7700.
With the current trend, one is left wondering, why is it so easy to convince multitudes into cryptocurrency?
- Fear of Missing Out
Media attention and a quick price increase for cryptocurrencies are frequent occurrences. People may be more inclined to contribute or engage since they don’t want to miss out on prospective profits.
- Previous Success Stories
Early investments in cryptocurrencies like Bitcoin and Ethereum made a lot of people rich. The media routinely highlights these success tales, encouraging others to try their luck in the cryptocurrency market.
- Accessibility and Low Entry Barriers
Investing in cryptocurrencies can be done with relatively little capital. Even those with no experience in finance may now acquire and trade cryptocurrencies with the help of online marketplaces and mobile applications.
- Social Media Hype
Cryptocurrency groups, particularly those found on social media platforms, can help disseminate knowledge and enthusiasm about various digital assets.
The most common cryptocurrency’s underlying technology, blockchain, has been touted as revolutionary with a wide range of possible applications. The buzz surrounding technology may increase interest in cryptocurrency.
- Global Nature
Because cryptocurrencies are decentralized and not linked to any one nation or government, they may be appealing when the economy is unsure or when traditional fiat currencies are having trouble.
- Media Coverage and Celebrity Endorsements
Positive media coverage and endorsements from famous people or other powerful people can give cryptocurrency a sense of legitimacy and confidence.
- Financial Landscape Evolution
As the financial environment changes, more people may be receptive to investigating alternative investment alternatives, such as cryptocurrencies.