Shockwave Shatters Brazilian Cryptocurrency Rewards Initiative with Regulatory Framework Update
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1 min read
Brazil has recently reaffirmed its ban on Sam Altman’s Worldcoin cryptocurrency rewards initiative, citing regulatory concerns and potential interference with the free expression of individuals’ will. This decision underscores the country’s cautious stance towards digital currency innovations.
The Brazilian National Data Protection Authority (ANPD) had initially banned Worldcoin in 2024 due to privacy and security concerns surrounding its iris scan-based identity verification process. However, Worldcoin attempted to revise its approach by introducing a new system that would provide financial compensation for individuals who share their biometric data.
Despite these efforts, the ANPD has maintained its stance against the initiative, stating that providing financial incentives may compromise individual autonomy by influencing their decision to share personal information. This ban reinforces Brazil’s consistent regulatory approach to digital assets, which prioritizes consumer privacy and security.
The impact of this decision on Worldcoin’s market activity is evident, with its token price experiencing a 3.37% uptick over the past 24 hours, currently trading at $0.93 with a market cap of $1.11 billion. The trading volume has decreased by over 43%, likely influenced by Brazil’s ban.
Brazil’s historical caution towards adopting new financial technologies, combined with regulatory challenges faced by other digital assets in the country, may deter other nations from embracing Worldcoin’s model. Experts suggest that projects like Worldcoin must adequately address privacy and security concerns to gain broader acceptance.
References:
Kanalcoin
Binance Clubhouse
TOKEN2049 Dubai 2025
Source: https://www.kanalcoin.com/brazil-ban-worldcoin-crypto-rewards/
