Key Takeaways
- China warns that collecting iris data for crypto poses a national security risk.
- Although not named, the project closely resembles Worldcoin.
- Worldcoin has already faced regulatory pushback in Indonesia and other regions.
Foreign Crypto Projects Under Surveillance
China’s Ministry of State Security has indicated7 that they are really concerned about a foreign company that is collecting user’s iris data for cryptocurrency. They haven’t given the organization’s name directly but the details they provided stick to the principled of the organization called World that is the place of the rebranding of Worldcoin.
In a press release from State Security, they stated that7 speech about crypto rewards aimed at users’ devices will entrap them in the id campaign of the devices, which, however, lead privacy both and security of the state endanger. Because of a statement that was put out on the agency’s official WeChat, there are uncovered situations of the transferring of the obtained data to other countries that result in the serious problem of foreign spying.
Worldcoin’s Growing Regulatory Scrutiny
Worldcoin has been the center of attention because of constantq criticism and legal issues for a long time. In May just, Indonesia revoked the operating permit of Worldcoin on the point of going deep into practice related to the gathering of the iris data.
After the negative responses, Tools for Humanity, the organization which is the owner of the World, declared that they had stopped the action in Indonesia on their own accord, thus looking for the position of the government while trying to find out the rules of the world. On the other side, China is still intensifying the clearing of the crypto business sector and exhorts the citizens not to be cheated by the scams and not to invest in stablecoins and digital assets.
Summary
China’s Ministry of State Security has indicated iris-scanning crypto projects as the biggest national threats, where Worldcoin may be their chief concern. Besides that this issue is a real addition to the global monitoring of the projects, no matter the projects’ focus on privacy and conformity issues.
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