Key Takeaways:
- The Kenyan Government has cracked down on controversial crypto project Worldcoin
- The country’s interior ministry has expressed a series of concerns with the project
- Around 400,000 Kenyan citizens had signed up to scan their iris with Worldcoin
YEREVAN (CoinChapter.com) —The Government of Kenya has taken decisive action against Worldcoin (WLD). According to reports, the country’s interior ministry has suspended the controversial crypto project within the country’s borders.
The ministry’s announcement cited significant safety concerns amid pressure from politicians and civil society.
“The Government is concerned by the ongoing activities of an organization calling itself ‘WORLD COIN’ which is involved in the registration of citizens through the collection of eyeball/iris data. Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities,”
interior minister Kithure Kindiki said in a statement.
For the uninitiated, Worldcoin is a crypto project launched by ChatGPT CEO Sam Altman. The token dropped on July 24 amid much anticipation after securing $115 million in funding in May.
Previously, Worldcoin successfully secured funding during its Series A round, with leading contributions from Andreessen Horowitz, Digital Currency Group, and Coinbase Ventures. Among the notable investors were former FTX CEO, Sam Bankman-Fried, and LinkedIn co-founder, Reid Hoffman.
However, the project has remained in controversy, amid concerns of data security and individual privacy.
WLD comes under the scanner as Kenya Suspends Worldcoin
The decision by the Kenyan authorities to halt the Worldcoin (WLD) project comes amid growing apprehensions among regulators and policymakers regarding the security and stability of the cryptocurrency.
Worldcoin is striving to develop a worldwide identification system that relies on iris scans as a means to authenticate an individual’s humanity and distinctiveness.
The project gained immense popularity in Kenya, causing panic among officials. The issue has become so serious that it has made its way to the Kenya Senate.
Senator Crystal Asige even asked the Senate Committee on Information, Communication, and Technology (ICT) to investigate the operations of WLD.
According to some estimates, as many as 400,000 Kenyan citizens have already registered. Each individual who utilizes Worldcoin’s glossy orbs to scan their iris receives 25 Worldcoin tokens.
At the time of writing, WLD exchanges hands at $2.38 per token. Based on that number, Kenyans get slightly short of $60. They can then sell the tokens in the market for more cash.
Keyayn authorities expressed concerns that the project could expose Kenyan citizens and the nation’s financial system to potential vulnerabilities.
Meanwhile, Worldcoin (WLD) has also come under the scanner in other countries. Germany, the United Kingdom, and France have expressed concerns about the project.
