You know Sam Altman, right? The OpenAI guy, big shot in tech, always talking about the future.
Well, his shiny digital identity project, Worldcoin, or sorry, now just World, just hit a wall in Indonesia.
And not a soft wall, neither. We’re talking the kind of stop that makes you spill your coffee and question your life choices.
Bureaucracy
Indonesia’s Ministry of Communications and Digital, Komdigi, took one look at World’s paperwork and said, something smells off.
They yanked World’s registration certificates, and bam, suspended. Why? They’re sniffing out suspicious activity and what they call registration violations.
Translation, World’s local partners, PT Terang Bulan Abadi and PT Sandina Abadi Nusantara, allegedly played fast and loose with the rules.
One’s accused of operating without the proper license, the other of pretending to be something it ain’t. In Indonesia, that’s a big no-no.
Let me tell you, in this country, digital service providers gotta play by the book. If you’re running a crypto or digital ID business, you need the right registration, or you’re out. And using someone else’s paperwork?
That’s like showing up to a high-stakes poker game with a fake ID. Komdigi’s not amused.
They’re calling in World’s local bosses for a little clarification, which, in simpler terms, means explain yourself or else.
Safety
Now, Komdigi’s not just flexing for show, they say this suspension is to protect the people. They want a digital space that’s safe, clean, and not crawling with shady operators.
They’re even asking regular people to keep their eyes peeled and report anything fishy. Help us keep the streets clean, they say.
Sounds familiar, right? Like your grandma telling you to watch out for pickpockets at the market.
The public? They’re split. Some are cheering, finally, someone’s standing up to what they call a scam.
Others are more practical, telling if selling your iris scan means putting food on the table, maybe it’s worth the risk.
Oversight
And let’s not forget, Indonesia’s not alone. World’s had regulators breathing down its neck from Germany to Kenya to Brazil since it launched in 2023.
Indonesia’s crypto industry is booming, over 18 million investors, seventh biggest in the world, and new rules coming in 2025 mean even tighter oversight.
If you’re not in the regulatory sandbox, you’re not playing at all.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
