Tuesday, February 27, 2024

UK Data Regulator to Investigate OpenAI’s Crypto Project Worldcoin.

The Information Commissioner’s Office (ICO), the data regulator in the UK, has intentions to carry out additional investigations into Worldcoin, OpenAI’s cryptocurrency project.

The data watchdog announced on Thursday that it would investigate Worldcoin, a cryptocurrency initiative that develops a trustworthy method of differentiating humans from AI online, according to a report from Reuters. Customers can scan their eyeballs for the innovative business in exchange for a free digital identification called a “World ID” and cryptocurrencies.

A representative for the Information Commissioner’s Office said, “We note the introduction of WorldCoin in the U.K. and will be making further inquiries.

The insider added that businesses required “strong legal justification to process personal data. If they are relying on consent, it must be given voluntarily and be revocable without penalty.

On Monday, the CEO Sam Altman-backed OpenAI project Worldcoin made its public debut. It describes itself as a “digital passport” that aids users in proving that they are humans. In a statement made at the time of the introduction, the co-founders said that “Worldcoin consists of a privacy-preserving digital identity and, where laws allow, a digital currency (WLD) received simply for being human.”

The native token WLD experienced a huge price increase to $3.58 following its debut, raising worries from cryptocurrency traders and proponents. 100 million of the 143 million WLD issued during the token launch were given to market makers, while the remaining tokens were distributed to investors who provided identification through an eyeball scan during Worldcoin’s prelaunch.

The cryptocurrency initiative claims that during its initial trial period, two million users signed up, and it has ambitions to expand its operations—which involve scanning users’ irises for identification—to 20 nations.

Speaking on behalf of the project, a Worldcoin representative informed CoinDesk that it is “continuing to assess local laws and regulations to ensure compliance.”

The decision by the data authority to look into the Worldcoin initiative comes as data privacy worries around the use of eyeball scans are growing. Speculators from all over the world have expressed concern about the methods used to safeguard user privacy rights as well as keep and secure data.

The initiative would most likely be subject to more intense examination from regulators around the world as a result, and the declaration by Britain’s data controller is a significant development in comprehending the implications of Worldcoin.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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