Key Points:
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.
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