The ICO to Investigate Worldcoin
The Information Commissioner’s Office (ICO) plans to launch an investigation into Worldcoin, a project overseen by OpenAI CEO Sam Altman. The ICO, the data regulator in the UK, made this announcement on July 25, 2023.
Key Points:
- Worldcoin’s unique user participation approach involves submitting iris scans in exchange for a digital identity and free cryptocurrency.
- After a successful test period, Worldcoin was introduced to the public on July 24, 2023, and eyeball scanning activities were expanded to twenty countries.
- Upon its launch, the value of Worldcoin’s token, WLD, reached a high of $3.30.
- The United States did not support Worldcoin due to regulatory concerns, leading major exchanges like Coinbase and Kraken to exclude it.
- The Worldcoin Foundation claims to prioritize privacy and comply with relevant data protection laws, including GDPR in Europe.
Hot Take:
The ICO’s decision to investigate Worldcoin shows growing scrutiny towards projects that require biometric data. While Worldcoin has gained attention, its exclusion from US exchanges highlights the challenges posed by regulatory environments. The foundation’s commitment to privacy and compliance may help address concerns, but the investigation will shed light on the project’s practices.
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