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Sam Altman's Worldcoin suffers a major blow as Spain halts the tech tycoon's eye-scanning crypto initiative
Spain has issued a directive to halt the operations of Worldcoin, Sam Altman's global crypto project that uses eye-scanning technology. The project's operations include scanning and gathering a user's biometric data, a practice considered highly risky by several nations.
The cryptocurrency initiative by Sam Altman, Worldcoin, experienced a significant obstacle this week. Spain decided to obstruct the eye-scanning cryptocurrency due to concerns about the extensive amount of data it might gather.
Sam Altman's digital currency project has been tangled up in numerous scandals worldwide because of its intentions to collect personal information from users through an eye-scanning gadget referred to as the "orb."
The AEPD, Spain's data protection authority, has demanded that Worldcoin immediately stop gathering personal details in the nation and cease the use of any data they've previously collected.
The AEPD is likely to declare this "protective step" shortly. Additionally, Worldcoin will be given a 72-hour period to show that they are following the directive, according to an article by The Financial Times.
In the previous year, AEPD expressed worry about the participation of young people in technology, which led Worldcoin to introduce new age verification methods. Worldcoin, established by Altman in 2019, encourages people around the world by offering them its own cryptocurrency tokens in return for agreeing to have their eyes scanned by the orb.
These scans act as a form of identification, intended to create a dependable way to differentiate between humans and machines, especially as progress in artificial intelligence persists.
The Spanish authority's ruling is yet another hurdle for Altman and his co-founders at Worldcoin, Max Novendstern and Alex Blania, who have encountered difficulties globally. The past summer saw the startup, based in San Francisco and Berlin, choose not to introduce its cryptocurrency tokens in the United States because of the nation's strict enforcement on the digital assets industry.
The token of Worldcoin is not accessible in several major global cryptocurrency markets such as India and China. Additionally, countries such as Kenya have instructed the project to discontinue its operations in the previous year.
Moreover, the Information Commissioner's Office in the UK has stated its plan to scrutinize Worldcoin. While the viability of the Worldcoin token has been doubted in some regions, Spain's latest clampdown particularly focuses on the startup's main goal of creating a way to authenticate customers' "personhood". Altman asserts that this is a vital task in a world where differentiating advanced AI from humans is a complex issue.
Amid increasing examination, Altman showed openness to the idea of Worldcoin operating without its own cryptocurrency. Based on information from people in the know, Worldcoin has accumulated 4 million users and approximately $250 million in investments from prominent supporters. These include venture capital firms Andreessen Horowitz and Khosla Ventures, internet businessperson Reid Hoffman, and Sam Bankman-Fried, before his FTX venture fell apart.
The project's exposure has attracted press attention and resulted in several customer grievances in Spain, especially as lines began to form at Worldcoin booths in malls, where cryptocurrency was being offered in return for eye scans.
In January, the Basque country's data protection agency cautioned about the use of eye-scanning technology by Worldcoin at a Bilbao shopping center, stating that it's subject to biometric data protection rules and requires a risk evaluation.
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