UK Data Watchdog To Investigate Worldcoin Crypto Project Over Privacy Concerns

Key Points:

• The UK’s data regulator, the Information Commissioner’s Office (ICO), is launching an investigation into Worldcoin, a crypto project led by OpenAI CEO Sam Altman, which offers free cryptocurrency in exchange for users’ iris scans.
• Worldcoin, which recently launched with a user base of two million from its trial phase, plans to expand its eyeball-scanning operations to 20 countries, raising concerns over potential privacy risks associated with the collection and storage of sensitive biometric data.

The UK’s data regulator has announced its plan to investigate Worldcoin, a cryptocurrency project spearheaded by Sam Altman, the CEO of OpenAI. 

The project, which offers users the opportunity to receive free cryptocurrency in exchange for their iris scans, has caught the attention of the Information Commissioner’s Office (ICO). The ICO spokesperson informed Reuters that they have taken notice of the recent launch of Worldcoin in the UK and have decided to initiate further inquiries into the matter. This move comes amid growing concerns over the potential implications of widespread iris scanning and the use of sensitive biometric information in a financial context.

Worldcoin‘s launch on Monday attracted a substantial user base, with two million individuals participating in the trial phase of the project. As the crypto initiative scales up its operations, it plans to conduct eyeball-scanning procedures in 20 countries, aiming for a global reach.

The concept of utilizing iris scans for digital identification and cryptocurrency rewards has raised eyebrows among privacy advocates and regulatory bodies alike. Critics argue that the collection and storage of biometric data on such a vast scale could pose serious privacy risks for individuals, potentially leading to identity theft and misuse of sensitive information.

While Worldcoin promises free cryptocurrency as an incentive for users to participate, the use of biometric data remains a contentious issue. Proponents of the project claim that it can foster financial inclusion for those without access to traditional banking systems. However, detractors argue that such benefits may not outweigh the potential dangers associated with compromising biometric data.

As the ICO launches its investigation, Worldcoin’s future remains uncertain. The outcome of this inquiry will likely have significant implications not only for the project itself but also for the broader crypto industry’s approach to utilizing biometrics and handling user data.

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