South Korea’s PIPC Launches Investigation into Worldcoin

South Korea’s Personal Information Protection Commission (PIPC) has initiated a formal investigation into Worldcoin following a flurry of complaints regarding the project’s collection of personal data.

As per the report, the focus of concern revolves around Worldcoin’s practice of scanning individual irises in exchange for cryptocurrency, raising significant privacy apprehensions. 

Worldcoin, a blockchain-based start-up, garnered attention for its ambitious initiative to distribute digital currency to global citizens via a unique identity verification process involving Iris scans. While the project seeks to promote financial inclusion and facilitate the widespread adoption of cryptocurrency, its approach has stirred controversy, particularly regarding data privacy. 

South Korea to Ensure Worldcoin Operates Legally

Notably, the PIPC’s decision to launch a probe underscores the growing importance of safeguarding personal information in the digital age. As technology advancements enable innovative solutions like biometric authentication, concerns regarding the misuse and mishandling of sensitive data have become increasingly prevalent. 

While initiatives like Worldcoin hold promise for revolutionizing financial systems, they must operate within the bounds of ethical and legal frameworks to uphold individual rights to privacy and autonomy. As the investigation unfolds, it will undoubtedly shape the discourse surrounding data privacy and the responsible deployment of emerging technologies in the global landscape.

Worldcoin Re-emerged After Crypto Downtrend

Worldcoin was founded in 2019 by Sam Altman and Alex Blania. Since then, it has maintained a low profile until the launch of the Artificial Intelligence (AI) chat known as ChatGPT which became a global sensation. However, it made a revolutionary reintroduction when the crypto industry tried to recover from the bear market it suffered in 2022. 

This, in addition to the inglorious collapse and bankruptcy filing of the FTX exchange in November 2022. Meanwhile, last year, the OpenAI CEO said he was inching towards securing up to $100 million for his Worldcoin Crypto Project, Worldcoin.

Impact of Worldcoin in Crypto Market Cap

A few days ago, Worldcoin witnessed a 5% drop in its value. The announcement followed Elon Musk’s legal action against OpenAI and its CEO. Meanwhile, Worldcoin has experienced a 106% surge within a mere seven-day span in late February, primarily fueled by the introduction of OpenAI’s Sora. 

Given the ongoing excitement surrounding AI, Wolrdcoin might witness a significant upswing throughout 2024, depending on how Sam Altman handles the lawsuit by Elon Musk.