UK Regulator Examines ChatGPT Founder’s Worldcoin Project for Privacy Risks
The UK Information Commissioner’s Office (ICO) has announced that it will be conducting an examination of the Worldcoin project, which was recently launched by OpenAI CEO Sam Altman. The ICO aims to identify potential privacy and safety risks associated with the project, which offers users digital identification and free WLD tokens in exchange for their iris scans. With the rapid growth of the crypto market, major exchanges have rushed to list the WLD token. However, concerns raised by experts in the crypto community have led to a decline in the token’s price, prompting caution among potential buyers.
The ICO’s spokesperson commented on the investigation, stating that organizations must have a clear legal basis for processing personal data, and if consent is relied upon, it must be freely given and capable of being withdrawn without negative consequences.
The Worldcoin project includes various components such as the World ID system, iris-scanner Orb, and the World App wallet. Already, two million users have signed up for the project, and it is expanding its iris-scanning operations in 20 countries.
While some experts have expressed concerns about privacy and safety, Sam Altman, the co-founder of Worldcoin, believes that the privacy concerns surrounding the company’s iris-scanning artificial intelligence will diminish once the code is open-sourced. Nevertheless, Ethereum creator Vitalik Buterin has raised additional concerns regarding poor design, privacy, security, and certain business decisions related to the Orb.
Following the token’s listing on major exchanges like Binance, OKX, and Bybit, the price of Worldcoin (WLD) experienced a significant surge of over 75%. However, the warnings issued by crypto experts have caused a correction in the token’s price. Notably, Altman mentioned that Worldcoin has no plans for expansion in the US due to regulatory uncertainties.
After reaching a high of $3.58, the price of WLD fell by 43%, currently trading at $2.02. The 24-hour range for the token is $1.92 to $2.92.
The ICO’s examination reflects the increasing scrutiny of cryptocurrency projects in terms of privacy and safety risks. By investigating the Worldcoin project, the ICO aims to ensure that personal data processing is carried out lawfully and with clear consent. This move also underscores the importance of privacy and security in emerging technologies and highlights the need for responsible development and implementation.
As Worldcoin continues to garner attention and expand its user base, it remains to be seen how the project will address the concerns raised by experts and regulatory bodies. Privacy and safety are paramount considerations that must be thoroughly addressed to foster trust and confidence in the crypto community and beyond.
