Hong Kong Probes Worldcoin Over Privacy Concerns: What You Need to Know

Investigation launched in Hong Kong over OpenAI CEO Sam Altman's Worldcoin project, amid growing privacy concerns

Hong Kong is investigating Worldcoin due to concerns about privacy.

Written by: Shalini Nagarajan

Last updated: January 30, 2024 20:26 EST | 1 min read

Source: DALL·E 3

OpenAI CEO Sam Altman’s Worldcoin project continues to raise privacy concerns – and is now under probe in Hong Kong.

• The Spanish embassy has been found searching for cryptocurrency airdrops on X.
• Block Inc. Implements Job Cuts: What Does it Mean for the Company?
• AI and Blockchain: A Cautionary Tale 🚨

Local media outlet HKET reported that Hong Kong’s data protection authority has investigated six Worldcoin booths, using a court warrant on Wednesday. They have also requested the operators to share relevant documents and information.

According to the Privacy Commissioner’s Office, Worldcoin raises significant concerns about personal data privacy and could potentially breach data laws. The office has launched an inquiry into the project while keeping in mind the privacy of individuals’ data.

Privacy Commissioner Chung Liling cautioned the public against being too casual when participating in iris scanning activities, the report said.

Worldcoin didn’t return Blocking.net’s request for comment by press time.

The Surging Popularity of Worldcoin in Hong Kong

Worldcoin launched in Hong Kong in July 2023, quickly attracting a large number of participants.

The World App, Worldcoin’s crypto wallet application, saw over 1 million active users and garnered over 4 million downloads within just six months of its launch.

Vision for Financial Equality Through Crypto Grants

Altman founded Worldcoin with the vision of implementing a universal basic income (UBI) system. The idea is that people receive recurring crypto grants as a guaranteed source of income.

The project uses a special device called the “Orb” to scan people’s eyes, ensuring each crypto grant goes to a different person.

Operators responsible for the Orbs perform these scans to confirm people’s identities. Their job is to make sure each person has a distinct digital wallet for Worldcoin, preventing fraud.

The goal is to promote financial equality and make digital assets accessible to all. However, the method of collecting biometric data has raised privacy concerns.

Worldcoin’s Biometric Data Collection Draws Global Regulatory Probes

The project is under scrutiny not only in Hong Kong but also globally, as regulators worldwide are concerned about how the company manages biometric information. Germany, France, and Britain have all indicated intentions to investigate the project.

Even Ethereum co-founder Vitalik Buterin has expressed reservations about the system used for verifying human identities.

Last month, Worldcoin temporarily paused its orb verification service in India, Brazil, and France.

Q&A: Addressing Users’ Concerns

Q: How does Worldcoin’s Orb device work? The Orb device scans people’s eyes to ensure each crypto grant goes to a unique individual. Operators verify people’s identities and ensure they have distinct digital wallets to prevent fraud.

Q: What are the privacy concerns regarding Worldcoin? Privacy concerns arise from the collection of biometric data through iris scanning. Regulators worldwide, including Hong Kong, Germany, France, and Britain, are probing the project to investigate how the company manages and protects sensitive information.

Q: Is Worldcoin available globally? Yes, Worldcoin is available globally. It launched in Hong Kong and quickly gained popularity. The World App, Worldcoin’s crypto wallet, has over 1 million active users worldwide.

Q: What is the purpose of Worldcoin’s crypto grants? Worldcoin aims to implement a universal basic income (UBI) system, where people receive recurring crypto grants as a guaranteed source of income. The goal is to promote financial equality and provide access to digital assets for all.

Future Outlook and Recommendations

While Worldcoin faces regulatory scrutiny and privacy concerns, the project’s vision of financial equality through crypto grants remains compelling. It offers an alternative approach to income distribution. However, balancing privacy protection and the accessibility of digital assets will be crucial for Worldcoin’s success.

As regulations continue to evolve, it is essential for Worldcoin to prioritize privacy and ensure proper handling of biometric data. Collaborating with regulatory authorities and actively addressing privacy concerns will be critical for establishing trust in the project.

Investors should closely monitor the developments surrounding Worldcoin and the regulatory landscape. The project’s potential for widespread adoption and impact on global income distribution make it an intriguing investment opportunity. However, thorough due diligence is necessary before making any investment decisions.

References

1. Worldcoin Launches World ID 2.0: Iris Scanner Orb Authentication in Singapore
2. Perplexity Raises $73M Series B, Reported $520M Valuation for AI-Powered Search Engine
3. Solana Ecosystem Boasts 2,500 Monthly Active Developers, Reports Solana Foundation
4. Expressed Reservations
5. Temporarily Paused
6. Google News: Worldcoin

---

That’s it for today’s update on the Hong Kong probe into Worldcoin! What are your thoughts on the project’s privacy concerns? Let us know in the comments below, and don’t forget to share this article with your friends on social media!

✨💰✨💻✨💰✨

We will continue to update Blocking; if you have any questions or suggestions, please contact us!