Daily Management Review

Germany is investigating new cryptocurrency project Worldcoin


The German BayLDA (Bavarian Data Protection Supervisory Authority) is looking into the Worldcoin cryptocurrency initiative, which was launched last week.

The news is reported by Reuters referring to Michael Will, President of BayLDA. The investigation waws started due to the regulator's worries regarding the extensive gathering and processing of user biometric data. Worldcoin is yet to respond to the report of the probe.

The Worldcoin initiative is co-founded by Sam Altman, the CEO of OpenAI, the company that created ChatGPT. Its launch has been in preparations for over three years. Worldcoin’s fundamental component is the Orb system, a ball that scans the iris of the eye to identify users. This identifying technique is what the German regulator found interesting.

In November of last year, Mr. Will claims, the BayLDA opened an inquiry due to worries that the system needed the collection and processing of "sensitive and confidential data in large volumes."

source: reuters.com