Following its launch on July 24, Worldcoin has remained among the headlines, although primarily due to privacy concerns and emerging regulatory pressure.
In a new development on Aug. 2, Reuters reports that Worldcoin wants certain third parties to utilize its digital ID system to expand its operations and onboard more users.
The World digital ID system has drawn much criticism on user privacy since its launch due to its use of iris-scanning “Orbs” for identity verification. However, Worldcoin appears to be dousing these concerns as it shares more potential benefits of this system.
Worldcoin Looks To Partner With Governments And Companies
In an interview with Reuters, Ricardo Macieira, general manager for Europe at Tools For Humanity, the founding company of Worldcoin, stated their target of building the “biggest financial and identity community.”
On Worldcoin’s official website, part of its proposed uses is designing a “potential path” to universal basic income. About this, Macieira expressed that the crypto project would not directly generate the needed funds for this program but could serve as an underlying platform for implementation.
I don’t think we are going to be the ones generating universal basic income. If we can do the infrastructure that allows for governments or other entities to do so, we would be very happy.
Asides from governments, Worldcoin is also aiming for the adoption of its digital ID system by regular businesses and companies. Macieira explained this goal to Reuters, saying:
Companies could pay Worldcoin to use its digital identity system, for example, if a coffee shop wants to give everyone one free coffee, then Worldcoin’s technology could be used to ensure that people do not claim more than one coffee without the shop needing to gather personal data.
Finally, Macieira also stated Worldcoin’s intention of eventually making the underlying technology of its iris-scanning Orb to be open-source, allowing anyone to construct their orb for specific beneficial purposes.
Worldcoin (WLD) trading at $2.42 on the 4-hour chart | Source: WLDUSD chart on Tradingview.com
Increasing Regulatory Scrutiny
While Worldcoin may have lofty plans for adoption, the blockchain project faces emerging regulatory issues. On Aug. 2, Kenya’s Minister of Interior, Kithure Kindiki, announced the suspension of Worldcoin-related activities in the East African nation.
According to Kindiki, several governmental agencies had been ordered to investigate Worldcoin, especially regarding its intentions to use the biometrics data it collects.
As earlier stated, there have been growing privacy concerns about using iris scans to generate a digital ID in the Worldcoin system.
Asides from Kenya, Worldcoin is also being probed in Germany, where the Bavarian State Office for Data Protection claims to have commenced investigations since 2022 over the project’ collection of such sensitive data.
Meanwhile, the data protection agencies of France and the United Kingdom are also looking into the legality and public safety of Worldcoin activities in their respective nations.
Featured image from Financial Times, chart from Tradingview
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