Is This The Beginning of Worldcoin Regulatory Scrutiny?

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OpenAI, the company behind the artificial intelligence chatbot, ChatGPT, has recently entered the cryptocurrency market with Worldcoin. This initiative, which uses iris scanning for user identification, is now being questioned by the French National Commission on Informatics and Liberty (CNIL), according to Reuters:

“The legality of this collection seems questionable, as do the conditions for storing biometric data.”

Worldcoin was launched on June 24, offering users free cryptocurrency in exchange for an iris scan that is used to create a unique digital ID. Since its inception, Worldcoin claims to have registered over 2.1 million users, with a new user ID being verified every 7.6 seconds.

Despite these figures, Worldcoin’s data collection and storage practices have raised concerns. CNIL, in particular, has expressed doubts over the legality of Worldcoin’s methods and the conditions of biometric data storage.

In response, CNIL has begun investigations and is collaborating with the Bavarian state authority in Germany on their investigation into Worldcoin.

Even across the English Channel, U.K. regulators have started looking into Worldcoin as well, according to Reuters:

“We note the launch of WorldCoin in the UK and will be making further enquiries.”

This new cryptocurrency initiative has generated varying responses within the crypto community. While some argue that proof-of-personhood could help curb fraudulent activities, others raise concerns about potential centralization and misuse of sensitive biometric data.

At this juncture, Worldcoin finds itself walking the thin line between innovative technology and user privacy concerns, thereby highlighting the ongoing debate surrounding data collection and privacy in the age of digital currencies.

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