South Korea Probes Worldcoin Over Data Collection
A South Korean committee responsible for personal information matters is currently investigating Worldcoin for its collection and processing of sensitive data. The Personal Information Protection Committee initiated the investigation on February 29 following complaints about the projectโs handling of personal information, including iris scanning. Worldcoin affiliates are currently collecting facial and iris recognition data at multiple locations in Korea. The commission plans to examine the overall collection and overseas transfer of personal information and will take action if any violations of the Personal Information Protection Act are found.
Worldcoin Faces Privacy Concerns
Worldcoin, led by OpenAI CEO Sam Altman, has faced privacy concerns worldwide due to its management of biometric data. Regulators in various countries, including Germany, France, and Britain, have announced investigations into the projectโs practices regarding biometric information. Hong Kongโs data protection authority also investigated six local Worldcoin booths and warned the public about the risks associated with participating in iris scanning activities.
In December, Worldcoin temporarily suspended its orb verification service in India, Brazil, and France.
Nearly 4M Sign-Ups Despite Data Collection Concerns
Worldcoin aims to establish a universal basic income system where individuals receive regular cryptocurrency grants as a guaranteed income source. It utilizes a device called the โOrbโ to scan peopleโs eyes, ensuring fair distribution of grants to different individuals. The Worldcoin Foundation stated that it was established to help create access and participation in the global digital economy while preserving privacy. They claim that they do not seek to know a personโs identity, but rather verify their uniqueness as a human being.
Despite the controversy surrounding its practices, Worldcoin has attracted over 3.9 million sign-ups as of early March and has an average daily wallet transaction count of over 450,000.
Hot Take: Worldcoin Faces Scrutiny for Data Collection
The investigation into Worldcoinโs data collection practices highlights the growing concerns around privacy and the handling of personal information in the cryptocurrency industry. As governments and regulatory bodies become more aware of the potential risks involved, they are taking action to ensure that individualsโ data is protected. While Worldcoin claims to prioritize privacy and only collect necessary information, the probe by South Koreaโs Personal Information Protection Committee suggests otherwise. It remains to be seen how this investigation will unfold and what consequences Worldcoin may face if violations are found.
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