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News

Worldcoin’s Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report

August 8, 2023 - Around 2 mins mins to read

Key Points:

  • Worldcoin launched despite ongoing privacy assessments by Bavaria’s Data Protection Authority.
  • Bavaria investigates data flows and transparency, while Germany’s BaFin monitors the financial side of the identity project.
  • 2.2 million people signed up for the project’s iris-based IDs amid concerns and investigations by UK, French, and German authorities.
Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT, according to a CoinDesk report.
Worldcoin's Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report
Worldcoin's Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report 2

The project launched on July 24, even as the investigation was ongoing. Michael Will, the president of the authority, revealed that the company wasn’t legally obligated to seek approval before the launch.

The investigation, led by Bavaria due to the company’s presence in the German state, is scrutinizing data flows, pseudonymization methods, transparency, and consent fairness. Worldcoin has until September to respond to authorities’ inquiries.

Additionally, Germany’s Federal Financial Supervisory Authority (BaFin) is monitoring Worldcoin’s financial aspects, though it’s uncertain whether the project will require a permit from BaFin, similar to other crypto firms.

Worldcoin aims to revolutionize online identity verification using iris scans, AI, and zero-knowledge proofs. Verified users receive Worldcoin tokens, and developers can create applications on this identification protocol.

The company plans to expand globally, offering its identity-verifying technology to other organizations, according to a senior manager.

Critics also questioned the propriety of a private entity constructing a global identification infrastructure typically managed by governments.

Despite these concerns, Worldcoin’s “orb” facial scanning has attracted 2.2 million sign-ups, mainly during a two-year trial phase. Authorities in the UK, France, and Germany are actively investigating the project.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

BaFin

Bavaria

Michael Will

OpenAI

Sam Altman

WLD

Worldcoin

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Worldcoin’s Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report

Key Points:

  • Worldcoin launched despite ongoing privacy assessments by Bavaria’s Data Protection Authority.
  • Bavaria investigates data flows and transparency, while Germany’s BaFin monitors the financial side of the identity project.
  • 2.2 million people signed up for the project’s iris-based IDs amid concerns and investigations by UK, French, and German authorities.
Bavaria’s Data Protection Authority is still conducting its privacy and security assessment of Worldcoin, the innovative digital identity project founded by Sam Altman, co-founder of ChatGPT, according to a CoinDesk report.
Worldcoin's Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report
Worldcoin's Launch Happens Even When Bavaria Data Watchdog Unconfirmed: Report 4

The project launched on July 24, even as the investigation was ongoing. Michael Will, the president of the authority, revealed that the company wasn’t legally obligated to seek approval before the launch.

The investigation, led by Bavaria due to the company’s presence in the German state, is scrutinizing data flows, pseudonymization methods, transparency, and consent fairness. Worldcoin has until September to respond to authorities’ inquiries.

Additionally, Germany’s Federal Financial Supervisory Authority (BaFin) is monitoring Worldcoin’s financial aspects, though it’s uncertain whether the project will require a permit from BaFin, similar to other crypto firms.

Worldcoin aims to revolutionize online identity verification using iris scans, AI, and zero-knowledge proofs. Verified users receive Worldcoin tokens, and developers can create applications on this identification protocol.

The company plans to expand globally, offering its identity-verifying technology to other organizations, according to a senior manager.

Critics also questioned the propriety of a private entity constructing a global identification infrastructure typically managed by governments.

Despite these concerns, Worldcoin’s “orb” facial scanning has attracted 2.2 million sign-ups, mainly during a two-year trial phase. Authorities in the UK, France, and Germany are actively investigating the project.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.