On July 25, the UK’s data regulator, the Information Commissioner’s Office (ICO), announced its decision to investigate the Worldcoin crypto project led by OpenAI CEO Sam Altman, as reported by Reuters.
Worldcoin requires users to provide iris scans in exchange for digital identification and free cryptocurrency. The project has already attracted two million users during its trial and expanded its eyeball-scanning operations to 20 countries, including locations in London.
The main goal of Worldcoin is to establish a “new identity and financial network,” providing users with a digital ID to distinguish humans from artificial intelligence online.
Worldcoin stated, “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.”
As per the official comments by the WorldCoin Foundation, “The Worldcoin Foundation complies with all laws and regulations governing the processing of personal data in the markets where Worldcoin is available, including the General Data Protection Regulation (“GDPR”) and the UK Data Protection Act. From its inception, Worldcoin was designed to protect individual privacy. The project has implemented privacy-centric design and has built a robust privacy program, conducting a rigorous Data Protection Impact Assessment and responding timely to individual requests to delete their personal data.”
The associated cryptocurrency, known as the Worldcoin token, is allocated to users signing up in specific countries. After the launch, the token’s value initially surged over 60% but has since decreased to 44% according to CoinGecko, a market tracker.
Also Read: Worldcoin’s WLD Token Surges Over 60% In An Hour Of Launch
The ICO’s decision to investigate Worldcoin reflects its interest in scrutinizing the project’s data practices and assessing any potential impact on individuals’ privacy rights in the UK.
