Regulators intensify scrutiny on Sam Altman-backed iris-scanning crypto, Worldcoin.

Authorities Worldwide Express Concerns Over OpenAI CEO’s Cryptocurrency Project

OpenAI CEO Sam Altman’s‍ latest cryptocurrency venture, which offers tokens in exchange for user iris scans,⁤ has‍ faced growing⁢ skepticism from authorities worldwide. In fact, one country has even suspended the​ project’s ⁤operations.

Kenya Suspends WorldCoin Activities Pending Risk Assessment

The interior ministry of Kenya announced on Thursday ‍that it ‌was​ suspending the local activities of WorldCoin until government agencies could evaluate the potential risks associated with the technology. One of the main concerns being investigated is whether the organization obtained proper user consent for data collection through financial compensation.

Heaviest Restriction Since Launch

This suspension represents ⁤the ​most significant⁢ setback for the cryptocurrency startup since‌ its recent launch. The project aims to combat the negative impacts of artificial intelligence by verifying users’ humanity and establishing a framework for ⁢universal basic income.

“Relevant security, financial ⁤services, and data protection agencies​ have ​initiated inquiries and investigations to determine the authenticity and legality of the aforementioned activities,” stated Interior Minister Kithure Kindiki.

Legal Scrutiny from France and the ‍United Kingdom

France’s privacy ​watchdog, CNIL, expressed doubts about ⁤the legality of WorldCoin’s data collection practices on July 28. The organization intends to conduct a legal ⁤inquiry into the company’s data collection methods.

Similarly, the‌ United Kingdom’s data regulator announced ⁣on July 25 that it plans to examine the legal aspects of WorldCoin’s operations.

Accusations of ‍International Surveillance

Even a​ German politician has ⁢accused the network of being a tool for global surveillance. Christina Baum, a member of the far-right German ⁢political party Alternative for Germany, stated,⁣ “The eye scanner was not developed for medical purposes, but serves to collect biometric data.​ These devices ⁢are ⁣used solely for the global monitoring ⁣of‍ people.” Baum, who holds a role in Germany’s federal parliament, believes that users’ activities can be permanently ⁤tracked, including their ‍movement ⁣patterns and purchasing ‌habits.

“The transparent‌ human being is thus becoming a reality. And ‍that is more than frightening,” Baum added.

WorldCoin’s Approach and Expansion‌ Plans

Prior to its currency launch, the Altman-backed startup gained momentum by enlisting users worldwide to receive tokens in exchange for iris scans using ​a device called an “orb.” These scans help differentiate between humans and bots and,‍ eventually, aim to provide a universal basic income to mitigate job losses caused by artificial intelligence.

WorldCoin co-founder Alex Blania assured⁢ critics that their blockchain-based approach to data⁢ storage⁢ would prioritize‌ user privacy.

Additionally, WorldCoin announced​ its plans to ‍expand⁣ its “orbing” operations by launching new data collection sites in 35 cities across 20 countries. The project already boasts 2 million users worldwide.

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