Worldcoin (WLD) Faces Actions in Kenya For Privacy & Financial Concerns

A Map pointing towards Kenya to show that the country took action against Worldcoin

Worldcoin (WLD) took the spot among the most talked about coins in the world, at least in the crypto world. The project had been the buzzword for years since it was announced. It launched on Monday, July 24, and caught the eyes of the crypto community worldwide. The government agencies reportedly seem interested in the project too, in terms of scrutiny, and East African country Kenya is taking the lead. 

Reuters reported, the Ministry of Interior in Kenya stopped the activities of Worldcoin in the region on August 1. The halt over the crypto project came in the wake of concerns around it and the government agencies were said to evaluate the related risks. 

The modus operandi of Worldcoin, a much-anticipated project brought by OpenAI CEO Sam Altman, was dubious even before the launch. 

The project intends for creating a new “identity and financial network” and scans the human eye iris for verification. For this, it uses an eyeballs scanning apparatus called Orbs. Until now, approx 119 Orbs installed across 18 countries, including Kenya. 

People were lured for a scan in exchange for free WLD tokens. And the technique worked as many people were said to join the campaign to claim their incentive, without much privacy concerns. 

However, many experts in the crypto industry, including Ethereum co-founder Vitalik Buterin, raised concerns about Worldcoin.

Worldcoin Activities Under Watch 

According to Reuters, the Kenyan interior minister Kithure Kindki stated the government agencies including relevant security, financial services, and data protection agencies started “inquiries and investigations to establish the authenticity and legality of the aforesaid activities.”

The activities of Worldcoin are a concern of the government and the agencies would look into its intention to use the data it is collecting through the identification process. If found something wrong, it will lead to actions against them, added the minister. 

The project founded by OpenAI CEO Sam Altman launched last week. It requires users to give their iris scans in exchange for a digital ID, and in some countries, users also get free cryptocurrency as part of plans to create a new "identity and financial network".

Previous Next

This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.