UK regulators to Investigate Worldcoin Crypto project

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 key takeaways:

  • The UK Information Commissioner’s office plans to investigate Worldcoin’s data management practices.
  • Sam Altman, the CEO of OpenAI, may face increased scrutiny for his Worldcoin, AI, and nuclear projects.

In the fast-evolving world of cryptocurrencies, regulatory scrutiny is becoming increasingly prevalent. In a recent development, UK regulators have taken action to investigate the Worldcoin crypto project. 

Amid the project’s ambitious claims and potential impact on the financial landscape, concerns have arisen, prompting authorities to examine the platform’s operations and compliance with existing laws. 

The UK‘s data regulators are poised to investigate Sam Altman’s controversial eyeball-scanning crypto project, Worldcoin, following its global launch on Monday.

The Information Commissioner’s Office (ICO) informed Reuters on Tuesday that it is closely monitoring the launch of Worldcoin in the UK and plans to conduct further inquiries. As the authority responsible for safeguarding information rights and data privacy, the ICO’s scrutiny could have significant implications for the project’s operations in the country.

Worldcoin’s innovative yet dystopian concept revolves around a network of orb stations, which are essentially ball-shaped cameras designed to capture images of individuals’ irises. 

The stated purpose behind this data collection is to “distinguish humans from AI online” while maintaining the privacy of users’ personal information, as claimed by the company.

In exchange for submitting their biometric data through the iris scans, users are promised Worldcoin’s unique form of identification known as a ‘WorldID’ and the company’s native cryptocurrency, all provided free of charge.

As the cryptocurrency market continues to attract both investors and regulatory attention, the outcome of this investigation could have significant implications for the future of Worldcoin and the broader cryptocurrency industry in the United Kingdom.

We note the launch of WorldCoin in the United Kingdom and will be making further inquiries,” said an Information Commissioner’s Office representative.

According to the source, organisations must have a “clear legal basis” to process personal data. Where they rely on consent, it must be freely provided and capable of being withdrawn without consequence.

On July 24, OpenAI CEO Sam Altman co-founded the digital identification-focused crypto project. In May, Andreessen Horowitz, Bain Capital Crypto, and Distributed Global invested $115 million in the project. Despite widespread worry about the project’s origins, Worldcoin attracted over 2 million users during its beta period.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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