ChatGPT founder Sam Altman’s Worldcoin (WLD) project faces scrutiny and crackdown by government authorities worldwide. Worldcoin crypto project also struggles to find acceptance from the crypto industry due to privacy and security concerns. After ongoing investigations in Europe, Worldcoin faces setbacks in Africa starting with Kenya.
Kenya Suspends Worldcoin Crypto Project
Kenya suspended Sam Altman’s Worldcoin crypto project amid safety concerns, according to a report by local media on August 2. It became the first country to fully suspend Worldcoin crypto project activities.
Kenya’s Interior Minister Kithure Kindiki said security, financial services, and data protection government agencies have started inquiries and investigations to establish the authenticity and legality of the Worldcoin activities.
CS Eliud Owalo: We got wind of Worldcoin practices in April and wrote them a letter.
There is no provision in law that the organisation has breached. We’ll give a comprehensive statement on this today. #AMLiveNTV @zeynabIsmail pic.twitter.com/4PyIPEWOKy
— NTV Kenya (@ntvkenya) August 2, 2023
More than 350,000 Kenyans had signed up for Worldcoin in exchange for free WLD tokens worth around 7,000 Kenyan shillings ($49.09). Worldcoin has set up stations to collect iris scans from Kenyans to create a digital identity card.
People around the world including in Kenya, Germany, Spain, and France are flocking to registration sites to get their eyes scanned through a spherical “Orb”. This has raised concerns among governments and regulators over the implications of data collection by the company. In fact, the company’s AI-based ChatGPT even faced concerns from people.
Also Read: Is Crypto Really Banned In China? Binance Users Traded $90 Billion In Crypto
Crypto Experts Warns About Privacy and Security Concerns
The UK Information Commissioner’s Office launched a probe into the Worldcoin project, followed by probes by other countries in Europe. Crypto experts warned the people about several issues in the project that will only harm and has no benefit.
Ethereum creator Vitalik Buterin also raised concerns over privacy and security, highlighting poor design, privacy, and security concerns around the Orb, and some of the company’s business decisions.
WLD price jumped 3% in the past 24 hours, with the price currently trading at $2.39. The 24-hour low and high are $2.28 and $2.45, respectively.
Also Read: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit
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