As apprehensions persist over WorldCoin's data harvesting endeavors within Kenya, the government has revealed that at least eleven local companies were covertly collaborating with the cryptocurrency enterprise. In a parliamentary session held on Tuesday, August 29, James Kimuyu, the National Computer and Cyber Crimes Director, disclosed this unsettling revelation. These revelations come in the wake of WorldCoin's prohibition in the country.
Cloaked Collaborations: Speaking before the parliamentary audience, Kimuyu underscored that these eleven companies had been discreetly operating in conjunction with WorldCoin before the government's ban on the crypto entity. By July 22, the cryptocurrency giant had succeeded in registering a staggering 350,000 Kenyan citizens.
Financial Underpinnings: Kimuyu further disclosed that the token issued to Kenyans was part of a substantial Ksh2.7 billion fund raised by OpenAI through investor funding. This funding was intended to support the data harvesting initiative.
Value Erosion: Although the token holds an estimated value of Ksh7,700, its valuation has already suffered a setback due to the increased scrutiny and clampdowns by multiple governments and organizations concerned about WorldCoin's data extraction practices.
Global Currency Ambitions: Kimuyu asserted that WorldCoin's overarching ambition centers on the creation of a universal global currency accessible to all. This vision rests upon the company's belief that iris scans offer a distinct and secure method for individual identification. Nevertheless, WorldCoin's aspirations have drawn criticism due to the prevalent concerns over data privacy.
Privacy and Misuse Fears: A considerable segment of Kenyan citizens has expressed apprehensions that iris scans could serve as a foundation for a universal ID system, potentially compromising individual privacy. The specter of potential data breaches or misuse looms heavily over the project.
Official Suspension: The Kenyan government took definitive action on August 3, suspending WorldCoin's operations within the nation. The Office of the Data Protection Commissioner (ODPC) declared the suspension citing WorldCoin's failure to secure requisite permissions for the collection of personal data.
Company Response: WorldCoin countered these allegations by reaffirming its commitment to safeguarding user privacy. The company maintained its stance against selling or sharing iris scan data with external parties. However, the question of how the company intends to fortify the security of the data against hacking or misuse remains unanswered.
Trust Building Ahead: Led by Sam Altman, WorldCoin acknowledged the ongoing infancy of the WorldCoin project. The company vowed to address privacy concerns and cultivate user trust as it progresses.
The intersection of data privacy, emerging cryptocurrencies, and global ambitions presents a complex landscape that will likely demand further scrutiny and vigilance in the days ahead.