The Rise and Fall of Worldcoin: Spain’s Experiment with Biometric Cryptocurrency

In December, Pablo Martín, an 18-year-old, had the opportunity to scan his iris and become a part of the Worldcoin project. This futuristic technology involved attaching his right eye to a metal sphere in a shopping center in Madrid. The process required waiting for LED lights to turn on and receiving a digital passport and coins as proof of humanity.

As the value of the cryptocurrency distributed by Worldcoin rose suddenly in mid-February, thousands of people lined up at shopping centers across Spain to claim their coins. However, this frenzy was halted when the Spanish Data Protection Agency intervened due to concerns about biometric information handling.

Despite the controversy surrounding Worldcoin’s operations in Spain, many saw it as a lifeline for those facing financial difficulties, including Daniel Guerrero, a Venezuelan awaiting asylum approval. The allure of free money and a digital passport led many to scan their irises and collect coins.

The rapid rise in the value of the cryptocurrency attracted even more participants, with individuals like Pedro Durán and Antonio Lledó investing heavily in Worldcoin. The potential for profit and association with OpenAI made it an appealing opportunity for many.

However, the euphoria was short-lived when the Spanish Data Protection Agency suspended Worldcoin’s operations in Spain. This led to a decline in the value of the cryptocurrency but did not stop people from searching for it through alternative channels like social media and personal transactions.

In conclusion, the ban on Worldcoin in Spain marked the end of an era for many participants who were disillusioned by the uncertainty surrounding its future. While some may have learned valuable lessons about investing in emerging technologies, others may have missed out on potential profits if they had acted sooner or taken alternative measures to obtain coins.