US Treasury is considering utilizing
digital ID verification in decentralized finance (DeFi) to combat illicit finance. Alongside, they seek public opinions on AI and Digital ID tools to fight Stablecoin laundering. Among recent developments in cryptocurrency regulation is the GENIUS Act. The interest in digital ID utilization is further highlighted by a recent arrest made by DC police over an $640,000 identity theft and gold coin scheme. Internationally, countries like
Congo are partnering with Singaporean firms for digital ID while Vietnam has launched a National Blockchain for Digital Identity and Records.
Concordium, a Swiss-based company has launched an app for anonymous online age checks amidst backlash against UK rules. Top cryptocurrency wallets are enhancing their offerings with CoinGecko API.
The biometric crypto ID project,
World, backed by Sam Altman, has recently launched in the US, rebranding from Worldcoin to World as its mainnet launches. However, some question its threat to self-sovereignty. Competitor,
Billions Network has launched a non-biometric digital ID, and World has expanded into the US market further with a Visa Card Partnership and a Tinder Verification Pilot. In Southeast Asia, Buenos Aires rolls out blockchain-based ID for 3.6M residents. Amidst all these, concerns rise over the use of ID verification systems for scams, as pointed out in the case of Pi Coin. World ID is also expanding its reach to Solana via wormhole.
Other new players in the field include MicroStrategy announcing a Decentralized ID Platform On Bitcoin Called MicroStrategy Orange, and the development of SPACE ID as Web3 Domain & Identity. SPACE ID, however, faces speculation regarding its investment potential between 2024 and 2030. With the growth and innovation in this sector, there are also issues of data breaches, as happened with the blockchain identity platform Fractal ID.
ID Coin News Analytics from Thu, 26 Aug 2021 21:07:59 GMT to Tue, 19 Aug 2025 13:00:00 GMT -
Rating 5
- Innovation 4
- Information 7
- Rumor -3
