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Major blow to Sam Altman's Worldcoin as Spain halts tech tycoon's eye-scanning crypto initiative
Worldcoin, Sam Altman's global cryptocurrency project that involves eye scanning, has faced another obstacle as Spain has demanded the cessation of its operations. Worldcoin's activities include scanning a user's eye and gathering their biometric information, a process that numerous countries deem highly risky.
Sam Altman's digital currency venture, Worldcoin, suffered a significant blow earlier this week. Spain moved to obstruct the eye-scanning crypto due to concerns about the extensive range of data it could amass.
The cryptocurrency project led by Sam Altman has faced numerous issues globally, due to its intention to collect personal information from users through a device known as the "orb" that scans eyeballs.
The AEPD, Spain's data protection authority, has commanded Worldcoin to halt the gathering of personal details in the nation right away and discontinue the use of any data already collected.
The AEPD is anticipated to soon declare this "preventive action". They will also provide Worldcoin with a 72-hour period to show adherence to the directive, according to a report by The Financial Times.
In the previous year, the AEPD voiced apprehensions about the participation of underage individuals in technology, leading Worldcoin to introduce new age verification methods. Worldcoin, established by Altman in 2019, encourages people worldwide to receive its own cryptocurrency tokens in return for agreeing to have their eyes scanned by the orb.
These scans function as a form of identification, with the intention of creating a dependable way to differentiate between humans and machines, especially as the progress in artificial intelligence persists.
The Spanish regulatory authority's ruling signifies another hurdle for Altman, as well as Worldcoin co-founders Max Novendstern and Alex Blania, who have encountered difficulties in several regions around the globe. The startup, based in San Francisco and Berlin, chose not to introduce its cryptocurrency tokens in the United States last summer because of the country's strict enforcement actions against the digital asset industry.
Worldcoin's digital currency is still not accessible in several of the largest cryptocurrency markets globally, such as China and India. Meanwhile, countries like Kenya demanded the project to halt its activities the previous year.
Moreover, the Information Commissioner's Office in the UK has declared its plan to probe into Worldcoin. While the practicality of the Worldcoin token has been doubted by some regions, the recent clampdown in Spain is specifically aimed at the startup’s main goal to create a method for confirming the “personhood” of customers. This is a vital task, as per Altman, in a world where differentiating advanced AI from human beings presents difficulties.
As scrutiny intensifies, Altman indicated his openness to the idea of Worldcoin operating without its inherent cryptocurrency. Sources knowledgeable on the subject suggest that Worldcoin has gathered around 4 million users and approximately $250 million in investments from prominent supporters. These backers include venture capital companies such as Andreessen Horowitz and Khosla Ventures, internet businessperson Reid Hoffman, and Sam Bankman-Fried, before his FTX venture fell through.
The project's prominence has attracted media attention and resulted in a few customer grievances in Spain, especially when lines started to form at Worldcoin booths in malls providing cryptocurrency for eye scans.
The Basque country's data protection agency issued a caution in January about Worldcoin's use of eye-scanning technology at a Bilbao shopping center. They stated that this technology is subject to biometric data protection laws and requires a risk evaluation.
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