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Sam Altman's Worldcoin suffers a significant blow as Spain halts the tech entrepreneur's eye-scanning crypto project
Sam Altman's global cryptocurrency endeavour, Worldcoin, which uses eye-scanning, has encountered another obstacle as Spain has commanded the cessation of its activities. The operations of Worldcoin involve capturing and collecting a user's biometric information, a practice that many nations view as highly risky.
Sam Altman's digital currency initiative, Worldcoin, experienced a significant hindrance this week. Spain moved to obstruct the eye-scanning cryptocurrency due to concerns about the extensive range of data it could gather.
Sam Altman's cryptocurrency project has been mired in various disputes globally because of its intention to collect personal information from users through a device called the "orb" that scans eyes.
The Spanish privacy watchdog, AEPD, has commanded Worldcoin to halt the gathering of personal data within the nation instantly and to discontinue the use of any data it has previously gathered.
The AEPD is anticipated to declare this "preventive step" shortly. They will also provide Worldcoin a 72-hour timeframe to show adherence to the directive, according to a report from The Financial Times.
In the previous year, the AEPD expressed worries about the participation of underage individuals in the technology, leading Worldcoin to introduce fresh age confirmation processes. Worldcoin, established by Altman in 2019, encourages people worldwide by offering its own cryptocurrency tokens in return for agreeing to have their eyes scanned by the orb.
These scans are used for identification purposes, with the goal to provide a dependable way to differentiate between humans and machines, especially in light of ongoing progress in artificial intelligence.
The Spanish regulator's resolution signifies another hurdle for Altman, as well as Worldcoin co-founders Max Novendstern and Alex Blania, who have encountered obstacles worldwide. The San Francisco and Berlin-based startup decided against introducing its crypto tokens in the United States last summer, due to the country's rigid regulations on the digital assets industry.
Worldcoin's digital currency is still inaccessible in some of the largest cryptocurrency markets globally, such as China and India. In the previous year, other nations, like Kenya, mandated the termination of the project.
Moreover, the Information Commissioner's Office in the UK has publicized its plan to probe into Worldcoin. While the practicality of the Worldcoin token has been doubted by some jurisdictions, Spain has recently launched a clampdown focusing on the startup's main goal of creating a method to authenticate customers' "personhood". Altman asserts that this is a vital task in a world where differentiating advanced AI from humans presents difficulties.
Facing increasing examination, Altman signaled his openness to the idea of Worldcoin operating without its inherent cryptocurrency. As per insiders, Worldcoin has accumulated around 4 million users and approximately $250 million in investments from prominent supporters. These include venture capital companies Andreessen Horowitz and Khosla Ventures, internet businessman Reid Hoffman, and Sam Bankman-Fried before his FTX venture fell through.
The project's prominence has ignited media curiosity and resulted in several consumer grievances in Spain, especially as lines began to form at Worldcoin booths in malls where cryptocurrency was offered for eye scans.
In January, the Basque country's data protection agency raised concerns about the use of eye-scanning technology by Worldcoin in a Bilbao shopping center. They stated that this falls within the realm of biometric data protection laws and requires a risk evaluation.
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