The Information Commissioner’s Office (ICO) in the UK has declared its intention to undertake “further enquiries” into Worldcoin, a cryptocurrency initiative created by OpenAI, in response to mounting worries about data privacy. By providing individuals who scan their eyes with a special digital identifier, known as a “World ID,” and free bitcoin, Worldcoin intends to provide a dependable method of differentiating humans from AI online.
The ICO said on Thursday that it would carefully review the Worldcoin initiative, according to a Reuters story. A spokeswoman for the ICO highlighted that organizations must have a clear and legal basis for processing personal data, and that permission must be freely provided and revoked without penalty if it is used.
Worldcoin, funded by CEO Sam Altman, made its formal debut as a “digital passport” on Monday. Its main objective is to assist users in establishing their human identity. The concept contains a digital identification (World ID) that prioritizes privacy and, when permitted by legislation, a digital money (WLD) that users only earn for being people.
With the native token WLD’s debut came a sharp price increase to $3.58, worrying both cryptocurrency speculators and supporters. 100 million tokens were given to market makers as part of the inaugural token issue, while the remaining 143 million WLD were given to investors who had their irises scanned at the prelaunch of Worldcoin.
Two million users signed up for Worldcoin during its first trial period, which was amazing. The project’s ambitious development goals include for iris scans to be used as identification in 20 nations.
A Worldcoin spokesman emphasized that the project is meticulously analyzing local laws and regulations to guarantee compliance in response to the ICO’s probe. The Worldcoin Foundation asserts that it complies completely with all laws and rules regulating the collecting and transmission of biometric data, including the General Data Protection Regulation (GDPR) in Europe.
The ICO’s decision to investigate the Worldcoin initiative comes as worries about data privacy related to eyeball scans are growing. Speculators from all around the globe have expressed concern regarding data storage, security protocols, and user privacy rights protection.
Due to the ICO, Worldcoin is probably going to be under more regulatory scrutiny everywhere. The launch of the ICO is an important step in comprehending the possible consequences of the cryptocurrency initiative. Stakeholders will carefully watch how Worldcoin responds to the growing concerns about data privacy and compliance with GDPR and other pertinent laws as the inquiry progresses.