The UK’s data regulator, the Information Commissioner’s Office (ICO), has announced that it will be scrutinizing the Worldcoin project, spearheaded by Sam Altman, CEO of OpenAI. Worldcoin offers users the opportunity to receive free cryptocurrency in exchange for providing their iris scans to create a digital identification.
ICO’s Interest in Worldcoin
Following the launch of Worldcoin in the UK, the ICO spokesperson stated that the regulatory body will be conducting further inquiries into the project. In addition, this indicates the ICO’s intent to ensure compliance with data protection and privacy regulations in the country.
The Worldcoin project, unveiled on Monday, has already attracted two million users from its trial phase. The primary feature of the project involves using iris scans to create a digital ID for participants. Further, this ID is designed to distinguish human users from artificial intelligence in the online space, providing enhanced identity verification.
Worldcoin Token Encourages Participation
Worldcoin’s crypto token, aptly named the “Worldcoin token,” serves as an incentive for individuals to sign up for the project in select countries. Further, by offering this cryptocurrency, the project aims to encourage participation and increase adoption of its digital identity and financial network.
Moreover, upon its launch, the Worldcoin token experienced a surge in value, reaching a peak of $3.30. However, the token’s value dipped to $2.01 on the following day, according to data from market tracker CoinGecko.
Market Reaction to Worldcoin’s Launch
The ICO’s decision to investigate the project reflects the UK’s commitment to ensuring data privacy and protection for its citizens. Lastly, Worldcoin’s innovative approach of using iris scans for digital identification and offering free cryptocurrency has generated significant interest among users.
Read More:
Namibia Virtual Assets Act 2023: Namibia Embraces Cryptocurrency with New Regulatory Law
Binance Challenges CFTC Complaint Alleging Violations of Commodity Exchange Act