The United Kingdom’s regulatory authorities have announced their intention to initiate an extensive review of Worldcoin (WLD). At the forefront of their agenda, the country’s Information Commissions Office (ICO) has taken up the investigation of this intriguing Web3 project. The managers behind the project have provided initial details about its launch in the UK, but it appears that further in-depth research is necessary.
Worldcoin, a cryptocurrency that burst onto the scene just yesterday, has already garnered attention from several cryptocurrency exchanges. Its unique offerings, featuring digital passport solutions and advanced iris scanning technology, have put Web3 under the radar of various nations. Of particular interest is “Orb,” a specialized hardware component within the project that creates cryptographic identities based on iris scans. Regulators will closely scrutinize this technology to assess its compliance with financial and legal frameworks.
Recently, on July 24, 2023, Vitalik Buterin, the founder of Ethereum, took to his blog to express concerns regarding Worldcoin. He highlighted potential privacy issues associated with personal information and suggested that certain states might take a prohibitive stance on the matter. Subsequently, news of the United Kingdom’s investigation further fueled the possibility of a restrictive approach towards Worldcoin. The outcome of this investigation and the potential for bans could set a precedent with far-reaching implications for the future of Worldcoin.