In a context of economic crisis, Worldcoin generated a sensation in Argentinaespecially because of the money that people can get for the tokens distributed monthly.
But, beyond debate about your data policythere is another controversy around those take advantage of people in vulnerable situations that join Sam Altman’s project.
Worldcoin: how much can you earn per month
If we take a average price of US$4deducting commissions and transfer expenses, for six coins you get approximately US$24 per month. In this sense, a family of four members, all of legal age, earn almost US$100 a month.
Taking into account that the crypto dollar is trading close to $1,300, a monthly income of $130,000 would be obtained, which is equivalent to just over half of a minimum wage.
However, many people are unaware how to convert worldcoin tokens to cash and that is where the business of resellers and collectors arises.
In this sense, two “business models” emerge:
- The person who “buys” the account from another
- The one who charges you for the service of giving you the cash
In the first case, a Colero usually waits in line and the reseller usually takes the person very close to the moment to register for the Orb (as the device that reads the iris is known) with a phone they own.
Once the person registers, they immediately receive a payment of between $30,000 and $100,000. The reseller accesses the account and, just by registering, receives 10 tokens with an approximate value of US$40 plus the coins that he has previously reserved. As for the colero, he usually receives a fixed payment or a percentage of the operation.
In the second case, the person registers with their cell phone and is simply guided to transfer the coins to the reseller and the reseller, in exchange, sends money to their bank account or gives them cash, deducting a commission that can reach 50 % of token value
Although the operation is not “illegal”, all These transactions usually go through the financial systemsuch as the transformation of tokens into pesos, which is why coleros are in the crosshairs of several organizations.
What are the organizations behind Worldcoin collectors and resellers?
One of the main organizations behind the collectors and resellers is the AFIPsince the money they obtain as a result of these operations is not usually invoiced.
Sebastián Domínguez, director of SDC Asesores Tributarios, assures that Worldcoin coins are received by scanning the iris: it would not be a free delivery, but rather there is a “transfer” of the data in exchange for the tokens.
“Regardless of that, the income that people obtain from the sale of these tokens is not taxed by Profits or Gross Income, because it is not an activity that is carried out on a regular basis,” he emphasizes.
Those who operate digital currencies as a regular activity are covered by Gross Profits and Income
The treatment changes in the case of resellers that operate with hundreds of users: both the national collector (AFIP) and the provincial collector (AGIP, ARBA, etc.) They can argue habituality and force them to pay said taxes.
Furthermore, in the case of the BCRA and the FIU, the problem lies in justifying the origin of the funds. From Tributo Simple they tell iProUP that, when receiving a significant sum by transfer, in a bank or virtual wallet such as Mercado Pago, if the origin of the funds is justified, there are no major inconveniences.
“In those cases, if the bank retains the money, it should only be present the documentation that justifies the operation. However, if the amount is high and is not justifiedproblems may arise with the AFIP,” they point out.
Furthermore, they indicate that “the minimum amount from which entities must alert the AFIP is $700,000, according to General Resolution 5512/2024, in force since June 1. This amount includes all types of accreditations, such as transfers, deposits, investments, fixed terms, among others”.
Furthermore, they clarify that the entities cross information automaticallyso, if a Worldcoin reseller you are not registered as a taxpayer, the bank can withhold or reject transfers and ask that the origin of the funds be justified. Additionally, you can close the account and create a Suspicious Transaction Report (ROS) with the FIU.
“In the event that it is monotributist and have high expenses that do not correspond to your category, AFIP can inform you to recategorize or move to the General Regimewhich can lead to fines and interest,” they say.
The CNV opened the registry of virtual asset service providers for those dedicated to the purchase and sale of cryptocurrencies
Jorge H. Santesteban Hunter, public accountant and independent external reviewer authorized by the FIU, reminds that those who are dedicated to the purchase and sale of cryptocurrencies must be part of the new registry of virtual asset service providers (PSAV) before the National Securities Commission ( CNV), which groups together individuals or companies that:
- Use any “.ar” domain for your activities
- Have commercial agreements with third parties or subsidiaries or affiliates that allow them to receive funds or assets locally from Argentine residents to carry out operations.
- Have a clear address to residents in Argentina
- Carry out advertising clearly aimed at residents of the country
- That your business volume in Argentina exceeds 20% of your total business
The expert emphasizes that one of the provisions of the CNV requires that people must have a KYC (know your customer) system, which “allows them prove that the funds they used to invest in virtual assets have a lawful originso the absence or impossibility of identification should be understood as an impediment” for this type of operation.
