Sam Altman’s Worldcoin Faces Roadblock In Spain, WLD Price Dips 12%

Sam Altman-backed Worldcoin has faced another hindrance on the ground on “breaching privacy. The Financial Times said on Wednesday that Worldcoin has been ordered by the AEPD, Spain’s data protection body, to stop gathering personal data in the nation and to stop utilizing the data it has already collected. The news also sent WLD prices dwindling downwards with uncertain sentiments prevailing.

Worldcoin’s Data Privacy Issues Not New

Reuters highlights that Sam Altman’s cryptocurrency project Worldcoin has been temporarily barred in Spain due to increased global scrutiny regarding the alleged privacy dangers associated with the initiative, which scans iris images in exchange for a free cryptocurrency and digital ID. However, these allegations on concerns around privacy and data collection are not new.

Previously, the PIPC of South Korea opened an investigation into Worldcoin in response to grievances over the gathering and use of personal data, especially those connected to iris and face scans. Notably, the commission expressed concerns about possible violations of the Personal Information Protection Act. A similar investigation was initiated by The Privacy Commissioner’s Office (PCPD) of Hong Kong. The PCPD looked into possible privacy threats at six Worldcoin outlets in Hong Kong. The Worldcoin funded by Sam Altman “involves serious personal data privacy risks,” per a translated statement issued by the privacy authority.

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Worldcoin’s Iris Data Collection holds Sensitive Information

There is one thing common in the investigations that have been waged against Worldcoin. All of them focused on Worldcoin’s iris verification service. Iris data is a subset of biometric data and has been classified as highly personal. Because biometric data is unique, distinct, and immutable, it is generally regarded as sensitive personal data. Similar regulatory scrutiny has already been applied to Worldcoin due to the same iris biometric. It had stopped offering its Orb-verification service in France, Brazil, and India because of this regulatory worry.

WLD Prices Today

The news of Worldcoin’s altercation with Spanish regulators had dented WLD prices as well. As of this writing, WLD prices are down nearly 12% from the previous day and are trading at $6.60 a unit. The digital asset’s overall market value has decreased by 9% to $973.3 million. The current trading volume for WLD is $792.6 million, being an upscale of around 30%.