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Spain puts a damper on Sam Altman's Worldcoin, halting the tech tycoon's eye-scanning crypto venture
Sam Altman's global cryptocurrency initiative, Worldcoin, which involves eye-scanning, has encountered another obstacle as Spain has mandated a halt to its functioning. Worldcoin's operations necessitate the gathering of a user's biometric data, a process that numerous nations consider to be highly insecure.
Sam Altman's digital currency initiative, Worldcoin, experienced a significant disruption this week when Spain moved to restrict the eye-scanning crypto due to concerns about the extent and scale of data it could gather.
Sam Altman's digital currency project has faced numerous global conflicts because of its intention to collect user's personal information through a device called the "orb," which scans the eye.
Spain's data protection authority, AEPD, has commanded Worldcoin to halt the gathering of personal data within the nation immediately, and to discontinue the use of any previously collected information.
It is anticipated that the AEPD will soon declare this "preventive action". Additionally, Worldcoin will be given a 72-hour period to show adherence to the mandate, according to a report from The Financial Times.
In the previous year, the AEPD expressed worries about the participation of underage individuals in technology, which led Worldcoin to establish new age confirmation methods. Worldcoin, launched by Altman in 2019, motivates people worldwide by offering its own cryptocurrency tokens in return for their agreement to have their eyes scanned by the orb.
These scans act as a form of ID, with the goal of creating a dependable way to differentiate between humans and machines, especially as progress in artificial intelligence carries on.
The Spanish authority's ruling marks another stumbling block for Altman, as well as Worldcoin's other co-founders, Max Novendstern and Alex Blania. They have encountered difficulties in different regions globally. The startup, based in San Francisco and Berlin, decided not to introduce its cryptocurrency tokens in the United States last summer because of the country's severe regulatory approach towards the digital assets industry.
Worldcoin's digital currency is still not accessible in some of the largest cryptocurrency markets globally, such as China and India. Additionally, some nations, including Kenya, demanded the initiative to halt its activities last year.
Furthermore, the Information Commissioner's Office in the UK has declared its plans to probe into Worldcoin. While some regions have raised doubts about the practicality of the Worldcoin token, Spain's latest clampdown particularly focuses on the start-up's main goal of creating a system to confirm customer identities. Altman sees this as an essential task in a world where differentiating advanced AI from humans presents difficulties.
In the face of increasing examination, Altman demonstrated openness to the idea of Worldcoin operating without its inherent cryptocurrency. As per insiders knowledgeable on the subject, Worldcoin has gathered 4 million users and managed to attract about $250 million in investments from prominent supporters. These include venture capital companies like Andreessen Horowitz and Khosla Ventures, internet mogul Reid Hoffman, and Sam Bankman-Fried, before the downfall of his FTX venture.
The project's prominence has drawn media attention and resulted in a few customer grievances in Spain, especially as lines began to form at Worldcoin booths in malls, offering cryptocurrency in return for scanning the eyes.
In January, the Basque country's data protection agency issued a caution about Worldcoin's use of eye-scanning technology at a Bilbao shopping center. They claimed that it is subject to biometric data protection laws and requires a risk evaluation.
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