The Kenyan government has taken a step further in its investigation of the controversial crypto project, Worldcoin. A parliamentary committee consisting of 15 members has been formed to delve into the concerns surrounding Worldcoin’s handling of personal information and biometric data. The committee, chaired by Narok West MP Gabriel Tongoyo, has been given 42 days to investigate the project and submit its findings to the House.
Worldcoin, which launched its native token, WLD, in July, has faced significant backlash from privacy advocates within the crypto community. Critics have likened the project to a “digital dictatorship.” In response to these concerns, Kenya became the first country to suspend Worldcoin operations and the distribution of WLD due to concerns over data collection methods. The Kenyan Capital Markets Authority has also warned residents that Worldcoin is not regulated in the country.
While Worldcoin maintains that it adheres to Kenyan regulations, Interior Cabinet Secretary Kithure Kindiki informed Parliament that the project does not hold registration as a legal entity. This has raised further questions about the project’s compliance with existing laws and regulations.
The regulatory hurdles faced by Worldcoin extend beyond Kenya. Argentina, France, Germany, and the UK have all initiated investigations into the project to ensure that data regulations are not being breached. The global scrutiny highlights the growing concerns surrounding the handling of personal data in the cryptocurrency industry.
It remains to be seen how the parliamentary committee’s investigation will unfold and what impact it will have on Worldcoin’s operations in Kenya. As regulators worldwide continue to scrutinize the project, the outcome of these investigations will likely shape the future of Worldcoin and the broader cryptocurrency industry.
Disclaimer: This article is for informational purposes only and should not be taken as financial or investment advice. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CrypTo Time.
