- Worldcoin’s World ID registration was halted in Kenya as regulators expressed concern.
- The main worry of Kenyan authorities circled around Worldcoin’s privacy, particularly its storage of biometric data.
- Worldcoin assures it will cooperate with authorities and quell all privacy concerns.
The Kenyan government has taken action to halt Worldcoin, a cryptocurrency project, from enrolling new users over data privacy fears.
Read CRYPTONEWSLAND on
google news
Founded by US tech entrepreneur Sam Altman, Worldcoin offers free crypto tokens to individuals who consent to having their eyeballs scanned. Thousands of Kenyans have flocked to registration centers to obtain these tokens, valued at $2.31 per token.
The Communications Authority of Kenya released a statement expressing apprehensions about the storage of biometric data, the offering of money in exchange for data, and the concentration of vast amounts of data in the hands of a private company.
In response to the concerns raised, the Ministry of Interior has initiated an investigation into Worldcoin, enlisting the aid of security services and data protection agencies to determine its legitimacy and legality.
During the registration process at a pop-up center in Nairobi, several individuals were denied entry, as the large crowd posed a “security risk.” Despite this setback, many hopefuls persisted, driven by financial hardships and joblessness. Worldcoin’s promise of financial assistance seemed to outweigh any worries about data privacy, with individuals like Webster Musa and Dickson Muli expressing eagerness to participate.
Worldcoin’s stated goal is to create a global “identity and financial network” accessible to everyone, regardless of nationality or background, as a public utility. The company envisions a world where individuals own their identities, paving the way for universal access to the global economy.
Sam Altman, the founder of Worldcoin and OpenAI (which developed ChatGPT), believes that this initiative could help distinguish humans from robots. Additionally, he speculates that it might lead to a universal basic income for all, although the specifics of this proposal remain unclear.
The Kenyan government’s intervention signals a growing need for oversight and regulation in the burgeoning cryptocurrency space, especially concerning data protection and privacy concerns. As the investigation unfolds, Worldcoin’s future and its potential impact on the global financial landscape remain uncertain.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
