- The newly launched WorldCoin is under scrutiny by the United Kingdom’s Information Commission Office for data privacy concerns.
- Ethereum’s Founder, Vitalik Buterin, and other thought leaders express concerns over privacy issues.
- MIT Technology Review claimed that some of WorldCoin’s beta testers were onboarded by deception.
UK Information Commission to Look Into WorldCoin
Sam Altman, CEO of Open AI and the Co-founder of WorldCoin, launched the token on Monday. WorldCoin is a digital identification passport that helps people prove they are human. The document released at the token’s launch claimed that WorldCoin is a “privacy-preserving digital identity,” but critics and regulators are concerned.
Since its release, WorldCoin has been caught in the middle of a controversy over issues of privacy and deception.
The United Kingdom Information Commission Office (ICO) has acknowledged the launch of WorldCoin and plans to make more inquiries.
According to the Information Commissioner Office’s (ICO) spokesperson, organizations “need to have a clear lawful basis to process personal data. Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment.”
While the spokesperson at WorldCoin Foundation stated that
“With regard to GDPR, WorldCoin is fully compliant with all laws and regulations governing biometric data collection and data transfer, including Europe’s General Data Protection Regulation.” The company is still assessing local laws and regulations to ensure complete compliance.
Unfortunately, GDPR no longer applies in the United Kingdom following Brexit.
WorldCoin: The Crypto Industry’s Most Bizzare Project
WorldCoin is quite an unusual crypto project, and it has garnered both interest and suspicions from millions of users worldwide. The crypto project aimed to offer digital passports to users who scan their irises. While the concept may be bizarre, thought leaders have raised concerns over the vulnerability of data security associated with the iris scan.
According to Vitalik Buterin, scanning the iris could expose someone’s private data, such as sex, ethnicity, and medical conditions.
Additionally, an MIT Technology Review claimed that some beta testers in developing countries were onboarded with deceit and exploitation. These growing concerns cast a shadow on the launch of WorldCoin.
The UK’s watchdog emphasized that WorldCoin’s activities must be consensual, and participants can also withdraw consent without any detriment.
Despite the UK Information Commission’s plans to look into WorldCoin activities, the crypto projects continue to expand.
Ors, the hardware devices responsible for scanning irises in exchange for a WorldCoin ID, have been installed in three different locations in London.
Although it is too early to determine the crypto market’s stance on WorldCoin, there have been mixed reactions to its launch.
In the United States, WorldCoin Foundation cannot launch its token WLD due to strict regulatory restrictions. Coinbase and Kraken, the major crypto exchanges in the United States, have not listed the token.
The WorldCoin Foundation team cited regulatory issues for not launching the token in the US, but crypto users believe the token may qualify as an unregistered security.
