Worldcoin (WLD) 12% Rally Hits A Snag: Portugal Demands Halt To Biometric Data Collection
26 Março 2024 - 5:00PM
NEWSBTC
In a recent development, Portugal’s data regulator, the National
Commission for the Protection of Data, also known as the CNPD, has
issued an order to stop Sam Altman’s iris scanning project,
Worldcoin, from collecting biometric data for 90 days.
Worldcoin’s Compliance Under Fire According to a Reuters report,
the CNPD’s suspension specifically targets the Worldcoin
Foundation, a memberless entity based in the Cayman Islands,
described on its website as the sole member and director of World
Assets Ltd, a company registered in the British Virgin Islands
responsible for issuing Worldcoin tokens to sign-up participants.
The CNPD cited an alleged “high risk” to citizens’ data protection
rights as the main reason for its urgent intervention. The
regulator expressed concerns about the “unauthorized” collection of
data from minors, the lack of information provided to data
subjects, and the inability to delete data or withdraw
consent. The halt order also noted that over 300,000
individuals in Portugal had provided their biometric data to
Worldcoin, leading to numerous complaints being lodged with the
CNPD. Related Reading: XRP Price Prediction: Can Bulls Pump It
Again To $0.75 Jannick Preiwisch, the data protection officer at
the Worldcoin Foundation, responded to the CNPD’s order by stating
that Worldcoin is “fully compliant” with all laws and regulations
about biometric data collection and transfer. Preiwisch emphasized
the company’s zero-tolerance policy for underage sign-ups and its
commitment to addressing any reported incidents. Worldcoin has
recently transitioned to “Personal Custody,” aiming to give users
control over their data, including options for deletion and future
use. The CNPD’s order to stop data collection is considered
temporary, allowing for additional due diligence and analysis of
complaints during the ongoing investigation. Privacy Storm Engulfs
Worldcoin The Regulatory scrutiny of Worldcoin extends beyond
Portugal. As NewsBTC reported, Spain’s data protection watchdog
issued a three-month ban earlier this month in response to privacy
complaints, and Kenya suspended Worldcoin’s operations in August
2023. Moreover, the Bavarian State Regulatory Authority,
acting as the lead authority in southeastern Germany, is currently
investigating Worldcoin under European Union data protection rules
due to the presence of a German subsidiary owned by Tools For
Humanity, the company behind Worldcoin. As the investigation into
Worldcoin’s data collection practices continues, the project faces
significant challenges in addressing regulatory concerns and
maintaining public trust in its ambitious vision. According to its
website, the project claims to have garnered over 4.5 million
sign-ups from individuals in 120 countries. Regulatory Hurdles Fail
To Dampen WLD’s Performance Despite the recent regulatory
challenges faced by Worldcoin, the decentralized cryptocurrency has
managed to maintain its gains of 12% over the past seven days.
After reaching an all-time high (ATH) of $11.95 on March 10, the
project’s native token, WLD, experienced a sharp drop to $7.24 but
has since recovered. Currently trading at $9.01, WLD has
capitalized on the overall market rebound and its seven-day
uptrend, surging by almost 9% in the past 24 hours. The
trading volume for WLD in the last 24 hours is $416,136,329,
indicating a significant 65.10% increase compared to the previous
day, suggesting renewed interest in the token. Related Reading:
Crypto Outflows Reach New Record High, Will The Bitcoin Decline
Continue? Looking ahead, the $9.5 level is expected to provide the
nearest resistance for the WLD token, followed by the $10.14 mark,
should the rally continue. On the downside, the $8.36 level is the
closest support on the daily chart. In a potential downtrend,
failure to hold this support level could decline toward the $8
mark, with the next significant resistance at $7.93. Featured image
from Shutterstock, chart from TradingView.com
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