From Digital Passport to Financial Boom and Bust: The Rise and Fall of Worldcoin in Spain

In December, Pablo Martín, an 18-year-old, faced a major decision. He had the opportunity to scan his iris by attaching his right eye to a futuristic metal sphere in a shopping center in Madrid. The process involved waiting for the LED lights to turn on and, after it was completed, he received his World ID and accumulated coins. This digital passport was designed to prove his humanity.

As of mid-February, the value of the cryptocurrencies distributed by Worldcoin suddenly rose, leading to a surge in interest and thousands of people lining up at shopping centers to claim their coins. However, the Spanish Data Protection Agency intervened due to concerns about the handling of biometric information and halted Worldcoin’s operations in Spain.

Despite the controversy, many saw the opportunity to earn money through Worldcoin as a lifeline, including those facing financial difficulties such as Daniel Guerrero, a Venezuelan awaiting asylum approval. The allure of free money and the promise of 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 in Worldcoin. The potential for profit and the association with OpenAI, the company behind the project, made it an appealing opportunity for many.

However, this euphoria came to an abrupt end when the Spanish Data Protection Agency intervened and suspended Worldcoin’s operations in Spain. This led to a decline in the value of the cryptocurrency but did not deter people from searching for it through alternative channels such as social media and personal transactions.

Ultimately, the ban on Worldcoin in Spain marked the end of the party for many participants. The uncertainty surrounding