Argentina Regulators Target Worldcoin Resellers
Argentina’s regulators could be set to crack down on third-party Worldcoin (WDC) resellers, as scrutiny of the project continues in the Latin American nation.
Per a report from iPro Up, some Argentines have become unofficial Worldcoin “resellers” to “earn extra income.”
But this has placed them “in the crosshairs” of the likes of the National Securities Commission (CNV) and the tax body, the Federal Administration of Public Revenues (AFIP).
Worldcoin has enjoyed phenomenal popularity in Argentina in recent months.
Huge lines have formed outside Worldcoin iris-scanning centers in many Argentinian cities, with many keen to claim their “free” WLD tokens.
But rather than hold onto these coins or trade them on regulated crypto exchanges, some Argentinians are choosing to swap their tokens for cash.
This has given rise to “resellers,” who offer new WLD holders cash or bank deposits in exchange for handing over control of their crypto wallets.
In many cases, resellers charge commission fees of up to 50% of the “token value” for their “services.”
The resellers allegedly “work as a team” with the so-called “coleros.” In Spanish, this term refers to people who earn money by waiting in lines to sell their spot to others.
These coleros stand in lines at Worldcoin iris-scanning centers, helping resellers convince people to use their services.
The media outlet noted that “many people do not know how to convert Worldcoin tokens into cash,” adding:
“This precisely where the resellers and coleros come in.”
The media outlet noted that although such “operations” are “not illegal,” they should “go through the financial system.”
The “conversion” of tokens into fiat pesos is a business transaction in the eyes of the Argentinian legal system.
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