Worldcoin opens up WLD reservations for unverified users
The iris scanning crypto project Worldcoin has now made it possible for even unverified customers to reserve their Worldcoin tokens (WLD).
In an announcement on Aug. 11, the Worldcoi n project noted that the World app now offers a reservations feature to make it easier for everyone to reserve their WLD tokens before verifying their World ID. The reservation will be valid for 12 months and users can redeem their reserved world tokens by visiting the iris scanning device called Orb.
The Worldcoin project consists of three key elements: the Worldcoin ID, the Worldcoin App and the Worldcoin token (WLD). Users who are willing to scan their iris to create a biometric data-based ID system are rewarded with native WLD tokens. The iris scanning device is called Orb.
The global digital ID crypto project Worldcoin launched on July 24 after three years of development. The project promises to create a global database for humans to differentiate it from the bots in the future. The project’s claim is based on the fact that in future the artificial intelligence (AI) will become so prominent that it would become difficult to differentiate real humans from bots on the internet and the World ID would become a default ID system for humans to get access to various services.
Related: Worldcoin rebuts reports of lacklustre takeup as Altman cites Japan queues
The project has made some bold claims and proposes to solve a utopian problem, resulting in a comparison with sci-fi shows like Black Mirror. However, the project is already facing multiple investigations and regulatory troubles for its operations. The project was first suspended in Kenya over its data collection methodology. The government of Kenya is specifically concerned with Worldcoin collecting crucial identification information like iris scans in exchange for a digital ID.
Apart from suspension in Kenya, the project is also facing regulatory action in Argentina and UK. While the project on-boarded over 2 million customers before its public launch, the response from the customers after the launch has been lacklustre. The creators didn’t reveal the actual number of users that have claimed their WLD tokens while claiming that the response has been very encouraging with long queues.
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The European Union is considering a partial halt to its landmark artificial intelligence laws in response to pressure from the US government and Big Tech companies.
The European Commission plans to ease part of its digital rulebook, including the AI Act that took effect last year, as part of a “simplification package” that is to be decided on Nov. 19, the Financial Times reported on Friday.
If approved, the proposed halt could allow generative AI providers currently operating in the market a one-year compliance grace period and delay enforcement of fines for violations of AI transparency rules until August 2027.
“When it comes to potentially delaying the implementation of targeted parts of the AI Act, a reflection is still ongoing,” the commission’s Thomas Regnier told Cointelegraph, adding that the EC is working on the digital omnibus to present it on Nov. 19.
EU’s AI Act entered into force in August 2024
The commission proposed the first EU AI law in April 2021, with the mission of establishing a risk-based AI classification system.
Passed by the European Parliament and the European Council in 2023, the European AI Act entered into force in August 2024, with provisions expected to be implemented gradually over the next six to 36 months.
According to the FT, a bulk of the provisions for high-risk AI systems, which can pose “serious risks” to health, safety or citizens’ fundamental rights, are set to come into effect in August 2026.
With the draft “simplification” proposal, companies breaching the rules on the highest-risk AI use could reportedly receive a “grace period” of one year.
Related: EU mulls SEC-like oversight for stock, crypto exchanges to bolster startup landscape
The proposal is still subject to informal discussions within the commission and with EU states and could still change ahead of its adoption on Nov. 19, the report noted.
“Various options are being considered, but no formal decision has been taken at this stage,” the EC’s Regnier told Cointelegraph, adding: “The commission will always remain fully behind the AI Act and its objectives.”
“AI is an incredibly disruptive technology, the full implications of which we are still only just beginning to fully appreciate,” Mercuryo co-founder and CEO Petr Kozyakov said, adding:
“Ultimately, Europe’s competitiveness will depend on its ability to set high standards without creating barriers that may risk letting innovation take place elsewhere.”
The EU’s potential suspension of parts of the AI Act underscores Brussels’ evolving approach to digital regulation amid intensifying global competition from the US and China.
After the US explicitly banned central bank digital currency (CBDC) development in early 2025, the European Central Bank accelerated work on the digital euro but later said that digital cash would not launch before 2029.
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