The registration process for Worldcoin, a cryptocurrency initiative started by US software entrepreneur Sam Altman, has been suspended by Kenya's government.
The idea draws thousands of Kenyans looking for cash by giving them free cryptocurrency tokens in exchange for iris scans. The enormous quantity of personal data that a private firm has raises questions about data storage, privacy, and possible threats.
(Photo: Marco Bello/Getty Images) A Bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 8, 2022, in Miami, Florida.
Kenya's Uneasiness
Kenya's Communications Authority highlighted worries about Worldcoin's operations, including the collection of private data, storage of biometric data, and money conversion.
In order to confirm its legitimacy, the Ministry of the Interior requested authentication from security services and data protection organizations.
Worldcoin's compliance with local laws and regulations is under scrutiny after the Kenyan Capital Markets Authority (CMA) said the cryptocurrency is not regulated in Kenya.
Read Also: This Cryptocurrency Startup Will Give You FREE Crypto If You Let Them Scan Your Eyes
The Public's Disappointment
Kenyans gladly waited in line at Worldcoin registration locations to obtain their $49 worth of Bitcoin. Thousands of individuals enrolled despite official concerns about data privacy because of financial difficulty and unemployment.
However, the high volume of registrations resulted in tumultuous situations and security worries, perhaps forcing centers to close.
Privacy experts are worried about the exploitation of private biometric information that Worldcoin has gathered through iris scans.
With the Data Protection Act of 2019 in mind, Kenya's Office of the Data Protection Commissioner (ODPC) advises users to use Worldcoin with caution and awareness.
Mercy Mutemi, a lawyer for digital rights, advises utilizing less intrusive techniques, such as physical characteristics, to confirm people's identities.
Future Potential of Worldcoin
Both acclaim and criticism are directed towards Worldcoin, which seeks to establish a worldwide identification and financial network as a public utility.
Sam Altman, the founder, expects it would validate human identity and maybe result in a universal basic income.
The initiative was started in Kenya, the first African nation for its platform, and has since spread to countries including Indonesia, France, Japan, Germany, Spain, and the UK. Data watchdogs are closely examining its activities.
Related Article: OpenAI CEO Sam Altman's Worldcoin is Pushing for Iris Verification to Replace Passwords Soon
