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- 1 Worldcoin gained popularity in the crypto space due to its new project.
- 2 The project raised eyebrows among many government agencies but it was halted by the Kenyan government.
- 3 The project by Worldcoin uses iris scans as a mode of identification by using a special apparatus.
The much-awaited “identity and financial network” Worldcoin (WLD) was launched in the last week of July 2023. The project was in mainstream conversation even before its official rollout. WLD token is listed over many prominent crypto exchanges. However, regulatory concerns started hovering as Kenya government agencies reported to probe the project.
In a significant move, the Kenyan Ministry of Interior has halted the activities of Worldcoin (WLD), a highly anticipated cryptocurrency project spearheaded by OpenAI CEO Sam Altman. Launched on Monday, July 24, 2023, the project caught the attention of the global crypto community but also raised concerns among government agencies.
The project’s modus operandi, involving iris scans for identity verification using a specialized apparatus called Orbs had already raised eyebrows prior to its launch. Approximately 119 Orbs were installed across 18 countries, including Kenya, where people were enticed to undergo iris scans in exchange for free WLD tokens.
Reuters reported that the Kenyan government, with the involvement of relevant security, financial services, and data protection agencies, initiated inquiries and investigations into the authenticity and legality of Worldcoin’s activities.
The project’s intention to collect and use data through the identification process was a significant concern for the authorities.
Worldcoin Gathered Concerns Along With Popularity
Leading figures in the crypto industry, including Ethereum co-founder Vitalik Buterin, have also expressed their reservations about Worldcoin’s approach. Despite these concerns, many individuals eagerly joined the campaign to claim their incentive, seemingly unperturbed by privacy concerns.
Kenyan Interior Minister, Kithure Kindki asserted that if the government agencies uncover any wrongdoing or misuse of the collected data, appropriate actions will be taken against the project.
The scrutiny and halt of Worldcoin activities have raised questions about the project’s future and its ambitious plans to create a new network through iris scanning and digital IDs.
In Kenya, Worldcoin had reportedly set up 18 Orbs across different locations, as per the company’s official directory. However, the numbers were before the instance of the Kenyan government’s action.
Now, the list contains the information of only one Orb venue at Kenyatta International Convention Centre (KICC). The place is one of the most spacious in the country’s capital Nairobi and receives thousands of footfalls every day.
According to a local media news outlet, the number of sign-ups for Worldcoin hit 350K in Kenya. People were doing so by seeking the incentive of WLD tokens that were nearly worth $50 given as the signup bonus.
Kenya becomes the first country to take action while there are other countries thinking along the same lines. This includes European countries like Germany, Britain, and France reporting to scrutinize the Worldcoin project.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
