Sunday, June 16, 2024
14.6 C

Kenya Suspends Worldcoin Crypto Project Due to Safety Concerns

Kenya has suspended the Worldcoin crypto project due to concerns about data protection. The project, created by OpenAI CEO Sam Altman, relies on an eye scan to verify a user’s identity and provides a unique digital identity, called a “World ID.”

This innovative approach aims to address one of the main challenges in the crypto industry, which is the reliance on pseudonyms that can make it vulnerable to spam bots and scams.

The Worldcoin project began operating in Germany in June and quickly gained popularity. Users who registered in Kenya were offered 25 free Worldcoin tokens, which sparked significant interest and drew thousands of people to sign up in Nairobi. However, the Kenyan government has expressed concern about the safety and protection of the data being collected through the eye scans and how it will be used.

Interior Minister Kithure Kindiki announced the suspension of the Worldcoin project and any similar entities engaging with the Kenyan population until relevant public agencies can certify the absence of any risks. The government has launched investigations to determine the safety and protection measures of the data being harvested.

Kenya is known for its vibrant economy in East Africa, but a significant portion of the population still lives in poverty. With the suspension of the Worldcoin project, it remains to be seen whether alternative solutions will be proposed to address the challenges faced by the crypto industry in Kenya and other parts of the world.

Kenya has decided to suspend its registration with Worldcoin, a move that comes amidst the country’s ongoing battles with high inflation and a jobs crisis. Many individuals have turned to Worldcoin in search of cash assistance.

As of now, there has been no response from Worldcoin regarding Kenya’s suspension. However, this is not the first time the project has come under scrutiny. It has already faced criticism for violating strict data privacy regulations in Europe.

France’s CNIL data regulator expressed concerns about Worldcoin collecting data in France and the storage of biometric data. After conducting an initial review, CNIL designated their German counterpart in Bavaria as the lead agency in Europe to investigate Worldcoin.

According to the company’s website, over 2.1 million people worldwide have registered for Worldcoin, with iris scans being conducted in 34 countries.

Despite these challenges, Worldcoin appears to be experiencing some success in terms of trading. The cryptocurrency is currently valued at $2.37 per coin, a significant increase from its initial price of $1.70, as reported by CoinMarketCap.

Discover more from Who Owns Africa

Subscribe to get the latest posts to your email.

Hot this week

Meet Uganda’s Hamis Kiggundu who’s richer than Ronaldo and Messi

Meet Ugandan entrepreneur Hamis Kiggundu with a net worth...

Scent of Africa unveils exquisite new fragrances Fik and Gleti

Scent of Africa, a leading fragrance house, has unveiled...

Meet the most stingy woman in history, with a net worth of $2.3 billion

Hetty Green, an American woman born in 1835, is...

Red Sea ship attacks increase crude oil supply by 47% in Africa

The recent surge in ship attacks in the Red...

How Hofmann left her white boyfriend for a Samburu warrior

In the 1980s, a love story unfolded in Kenya...


South Africa’s Pape Fund increases investment in Entersekt

South Africa's financial authentication company, Entersekt, has recently garnered...

Cyril Ramaphosa re-elected as South Africa’s president

South Africa’s president Cyril Ramaphosa has been reelected by...

South Africa: Ramaphosa poised for re-election amidst ANC turmoil

As Cyril Ramaphosa prepares for re-election as South Africa's...

Niger court lifts immunity of deposed President Bazoum

The top court in military-governed Niger has lifted the...

G7 pledges $420 million in investments for Africa

The G7 leaders have pledged $420 million in investments...

Nigeria secures $2.25 billion to bolster economy stability

Nigeria, the largest economy in Africa, has successfully secured...

Uganda to reduce commercial borrowing to tackle debt crisis

Uganda has been facing a mounting public debt crisis,...

How Betty Kyallo manipulated senior officers to stop fraud investigation

Kenyan media personality and entrepreneur, Betty Kyallo has been...

Related Articles

Discover more from Who Owns Africa

Subscribe now to keep reading and get access to the full archive.

Continue reading