Kindiki halts WorldCoin as Capital Markets issues fraud warning

The government has halted operations for the cryptocurrency project WorldCoin until investigations into the security of the data being collected are concluded.
In a statement on Wednesday, Interior Cabinet Secretary Kithure Kindiki said the measure would continue until assurances of the security and reliability of financial transactions were given.
The statement reads, “Until relevant public agencies certify the absence of any risks to the general public whatsoever, the government has suspended forthwith activities of World Coin and any other entity that may be similarly engaging the people of Kenya.”
Any natural or legal person who promotes, assists, abets, engages in, or is associated with the aforementioned activities will face appropriate action.
The Capital Markets Authority has also issued a warning about the possibility of cryptocurrency-related fraud schemes emerging in the wake of the launch of Worldcoin, a cryptocurrency project that gave out free tokens to Kenyans.
Worldcoin is not regulated in Kenya, according to the markets regulator, and related items, such as the free cryptocurrency tokens and their derivatives, are not considered investment products under the Capital Markets Act.
The project was suspended only a few days after the Office of the Data Protection Commissioner (ODPC) issued a warning against it, advising Kenyans to exercise greater caution and make sure they are properly informed before to sharing any or sensitive data.
Users must submit their iris scans for Worldcoin, a new project from OpenAI CEO Sam Altman, in order to receive free cryptocurrency called Worldcoin token and digital identification.
On Tuesday, there were lengthy lines of people waiting to have their eyes scanned at the Kenyatta International Conference Center. The police stopped the registration process, claiming safety concerns.
Business Daily