Worldcoin (WLD) Price Risks Downturn As It Faces Legal Roadblock In Portugal

In what comes as a noteworthy setback for Sam Altman’s AI-meets-crypto project, Worldcoin, Portugal regulators recently took a stand against the cryptocurrency project, scrutinizing its data collection endeavors nationwide. This roadblock encountered by one of the most renowned AI-based crypto projects promptly nabbed global attention, aligning with the worldwide scrutiny recently witnessed surrounding this newly emerging tech, AI.

Meanwhile, already involved in a stockpile of legal tussles, Worldcoin appears to be facing heightened scrutiny across the globe regarding its cryptographic developmental endeavors. However, the WLD price soared remarkably as of writing, contrasting negative sentiments birthed with Sam Altman’s project facing legal backlash in Portugal.

Portugal Data Regulator’s Scope In On Worldcoin

According to a report published today, Portugal’s data regulator slammed the breaks on Sam Altman’s Worldcoin’s iris-scanning biometric data collection endeavor for 90 days within the nation. The CNPD (Comissão Nacional de Protecção de Dados), Portugal’s data regulator, revealed that it received a stockpile of complaints in the past few days concerning unauthorized data collection from minors, “deficiencies in the information provided to the data subjects” and “the impossibility of erasing the data or withdrawing consent.” This collectively pushed the regulator to halt Worldcoin’s data collection services in Portugal, coming as a flip side to the project.

Aligning with this, Jannick Preiwisch, data protection officer at the Worldcoin Foundation stated “We assure complete compliance with data laws, including GDPR, and respect the CNPD’s role. We’re transparent and eager to address concerns, including reports of underage sign-ups, which we’re actively addressing.”

Whereas, Worldcoin has already encountered a plethora of legal tussles ever since this month began, as mentioned above, further posing a risk to WLD price declines ahead. Notably, the Worldcoin project encountered a similar legal roadblock in Spain earlier this month, which caused WLD to dip considerably. Accompanied by legal setbacks encountered in Kenya and South Korea, Worldcoin took a hit of negative market sentiments, with investors garnering bearishness for the token’s future price action.

Coming in tandem with its legal setback in Spain as WLD price dipped remarkably following Spain’s data collection ban, crypto market enthusiasts hope to see a dip again, eyeing Portugal’s ban.

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WLD Price Soars

As of writing, the Worldcoin price noted a substantial 7.61% uptick in the past 24 hours and is currently trading at $9.20. With a 9.08% increase in the token’s market cap, accompanied by a 24-hour trading volume surge of 58.54%, the token curated bullish sentiments among investors today.

However, with the data collection activity facing a halt in Portugal, the token may take a bearish turn ahead, as seen in WLD’s previous legal chronicles.

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