Global privacy is at stake. Worldcoin’s blockchain technology allows every transaction made using the currency to be tracked and recorded, creating a transparent ledger accessible to authorized individuals that can be used for mass surveillance. While transparency can be useful for fighting fraud and money laundering, it also poses a serious threat to privacy.

Earlier this month, Kenya suspended Worldcoin’s operations in the country “until the relevant government authorities confirm that there is no risk to the public.” A committee was recently set up to investigate the project. The committee has 42 days to study Worldcoin and present its findings to the House of Representatives.

Just in July, OpenAI CEO Sam Altman unveiled Worldcoin, which requires users to prove their human identity using a hardware device known as an “Orb” that can scan the iris of the eye. Orbs are available at 400 locations around the world. According to Worldcoin’s website, more than 2.2 million people have already signed up. Worldcoin claims that World IDs allow people to validate their humanity in the age of artificial intelligence. Participants who scan their iris receive 25 WLD tokens, the project’s native cryptocurrency.

If each transaction is tied to a unique identifier, including retina scans, individual spending habits could be easily tracked. This level of surveillance opens the door for governments and corporations to unprecedented monitoring and control of financial activity. Biometric data tied to financial transactions poses a potential risk if it falls into the wrong hands or is used for discriminatory purposes.