Despite the warning from the authorities, many people venture into the cryptocurrency business in the country with the aim of obtaining money or making what they have through seemingly easy operations. However, several cases of scams between “gurus” and their victims are being fought in court.
The latest news about operations with this unregulated virtual currency in the country is that of worldcoina company that offered cryptocurrencies in exchange for capturing the iris of citizens’ eyes.
For weeks, citizens have voluntarily lined up in a plaza in Santo Domingo to exchange the irises of their eyes for virtual money. However, the company’s operations were temporarily paralyzed by the National Institute for the Protection of Consumer Rights (Pro Consumidor), due to the “abusive clauses” established in the contracts of adhesion to citizens.
Alert from monetary authorities
Since 2017, the Central Bank, the Superintendency of Banks and the Monetary Board have warned that cryptocurrencies are not regulated in the Dominican Republic.
The most recent was in August, when the Superintendent of Banks, Alejandro Fernández W., warned of the volatility and dangers posed to “investors” by the speculative nature of these unregulated assets.
In 2021, the Central Bank warned that the Bitcoin, Litecoin, Ethereum They do not enjoy the legal protection provided by the legal framework. A year later, at the XXII Latin American Congress of Technology and Financial Innovation, the governor, Héctor Valdez Albizu, expressed that, for the country to have cryptocurrencies, a regulatory process must be exhausted so that the issuance of the coins is carried out through digital means. regulated by the financial system.
Although it is not regulated, 41 businesses in the Dominican Republic accept payments with virtual currencies, according to BTC Mapa collaborative platform that promotes the use of cryptocurrencies. The majority are in Santo Domingo, Santiago, Sosúa, in Puerto Plata; Punta Cana, in La Altagracia, and Samaná.
worldcoinwith a questionable history
The capture of California-based Worldcoin consists of the person downloading the World App and book an appointment at a pickup location. A few minutes after reading the iris of their eyes, the user has the money in the App, from where it is transferred to a bank account.
According to their records, worldcoin has 16.4 million of users of your application, which come from more than 160 countries. In Latin America, they have also made deposits in Colombia, Ecuador, Brazil, Argentina, Peru and Chile. In the latter country, the National Consumer Service suspended its operations until it accredits its business model.
![[object HTMLTextAreaElement]](https://resources.diariolibre.com/images/2024/11/15/gbpx3gbf6ngmtebz4dhmrolfbm.jpeg "The case of Worldcoin and the alert of the authorities with cryptocurrencies")
Last May, the Spanish Data Protection Agency It also paralyzed the company’s work, highlighting the vulnerability of the 400,000 people who sold their data.
In 2022, the site MIT Technology Review accused worldcoin of “taking advantage of low-income countries to buy data.”
What happens to your data?
In a response to Pro Consumer, The company disagreed with allegations of abuse related to its terms of services. “World’s terms of service comply with all legal requirements in the Dominican Republic,” it said in a statement.
“World remains committed to transparent and fair practices in the Dominican Republic, maintaining the highest standards of privacy and transparency in full compliance with applicable laws and regulations in all markets where it operates,” he added.
It noted that its goal is to create a “global and inclusive financial system” and that “World’s mission is to empower people for the age of AI, giving them access to financial systems and opportunities while protecting their privacy through cutting-edge technology.”
For them it is “the most secure and privacy-preserving solution to verify humanity on the Internet.”
