Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%

The cryptocurrency project Worldcoin, spearheaded by Sam Altman, has faced another setback as Spain takes steps to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately halt the collection of personal information within the country and cease using the data it has already gathered.  Concerns Over Worldcoin Eyeball-Scanning Data Collection According to a Financial Times report, the AEPD expressed concerns about the project’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a “precautionary measure” on Wednesday, and Worldcoin has been given 72 hours to demonstrate compliance with the order. Worldcoin, co-founded by Altman in 2019, has offered its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. The scans serve as a means of identification, aiming to establish a reliable mechanism to distinguish between humans and machines as artificial intelligence advances.  However, the Spanish regulator’s action adds to a series of setbacks faced by Altman and his co-founders, Max Novendstern and Alex Blania, who have encountered resistance in various countries. Related Reading: Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume Last year, Worldcoin faced opposition from authorities in Kenya, resulting in an order to cease operations. Additionally, the project refrained from launching its crypto tokens in the United States due to the country’s stringent regulations on digital assets.  The report further notes that major global markets such as China and India have also not made the Worldcoin token available. The UK’s Information Commissioner’s Office had also expressed intentions to investigate Worldcoin. Consumer Complaints In Spain While some jurisdictions have questioned the viability of Worldcoin’s cryptocurrency token, Spain’s recent action specifically targets the project’s core objective of establishing a method to verify customers’ “personhood.” Altman acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency, as the start-up faces growing scrutiny. Worldcoin has reportedly registered approximately 4 million users, and investments totaling around $250 million have come from venture capital firms such as Andreessen Horowitz and Khosla Ventures and prominent individuals like Reid Hoffman and Sam Bankman-Fried.  The project gained media attention and sparked consumer complaints in Spain, particularly as queues formed at shopping center stands where Worldcoin offered cryptocurrency in exchange for eye scans. In January, the data protection watchdog in Spain’s Basque Country, known as AVPD, warned about the eye-scanning technology used by Worldcoin in a mall in Bilbao.  The AVPD deemed it subject to biometric data protection rules and called for a risk assessment. As a result of Spain’s regulatory action, the native token of Worldcoin, WLD, has experienced a 7% decline within the past 24 hours. WLD Halts 200% Price Surge  Worldcoin’s native token, WLD, has halted its 200% upward trend over the past 30 days as the focus shifts to Bitcoin (BTC), which recently achieved a new all-time high (ATH) on Tuesday. Despite the significant uptrend in the past month, WLD has experienced a 5.8% price correction in the last seven days. Furthermore, the token’s market capitalization has slipped below the $1 billion mark and currently stands at $997 million. However, the advancements in artificial intelligence (AI) technology developed by Sam Altman’s projects hold the potential to influence the token’s price in the future significantly.  Related Reading: Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High? Despite being down by 26% from its ATH of $9.44, the ongoing technological advancements in this field indicate that the token’s prospects remain promising. Moving forward, it remains to be seen how the project’s founders will respond to the regulatory measures taken in Spain and how these actions will ultimately impact the token’s future price trajectory. Featured image from Shutterstock, chart from TradingView.com

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Worldcoin (WLD) 12% Rally Hits A Snag: Portugal Demands Halt To Biometric Data Collection

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.  Worldcoins 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 WLDs 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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Alameda Researchs Worldcoin Investment Hits All-Time High, Exceeding $50M As WLD Price Climbs

Worldcoin, the digital identity token ERC-20 project on the Ethereum (ETH) blockchain, has garnered significant attention. Its native token, WLD, emerges as the top performer among the top 100 cryptocurrencies by market capitalization.  The token has experienced a remarkable 31% uptrend in just 24 hours and a staggering 217% surge over the past fourteen days. [...]

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Worldcoin Gains Over 80% In profits On The Back Of A Solid 106% Rally Details

Worldcoin, the ambitious project aiming to establish a universal digital identity through iris scanning, has grabbed headlines once again. This time, it’s not for its controversial practices, but for an 80% price surge in its native token, WLD, within a week. However, digging deeper reveals a multifaceted story marked by triumphs, challenges, and lingering concerns. Related Reading: Chainlink Bulls Brace For Explosive Growth Following $216 Million Whale Accumulation Soaring App Usage Drives Growth On the positive side, Worldcoin boasts significant milestones. Its World App, launched in May 2023, has witnessed a surge in users, registering a record 16,000 daily Orb verifications – their unique eye-scanning tool. This indicates growing interest in their core proposition: providing a decentralized identity solution accessible to everyone. Additionally, Worldcoin secured $115 million in a Series C funding round, demonstrating investor confidence despite past controversies. But the recent spike in WLD’s price also brings with it a warning. The parabolic rise in the price of Worldcoin (WLD) is one of the latest milestones that the Altman-led company has experienced. At the time of writing, WLD was trading at $5.27, up 20% in the last 24 hours, and tallying a solid 106% rally in the last seven days, data from Coingecko shows. Notably, Worldcoin, within the last week, recorded more than 80% in profits. WLD price action today. Source: Coingecko Worldcoin: Big Whale Moves  In the meantime, big transactions that have added millions to the revenues of an unknown whale wallet in a matter of days have brought it to light. With the digital asset market a flurry of activity, people are paying close attention to and analyzing the emergence of WLD and its ramifications. Source: Etherscan The crypto market had a notable disruption when a well-known Worldcoin whale wallet, known as “0x0007”, executed an incredible maneuver. Leading on-chain data tracking tool Spot On Chain disclosed that the whale took out an astounding 2.09 million WLD tokens from Binance, valued at $5.82 million. The whale now owns an astounding $8.03 million in assets, having gained $2.15 million due to the recent spike in the price of WLD. It’s important to note that attributing the price surge solely to this single wallet’s activity is impossible without further information and expert analysis. However, its presence highlights the broader issue of market concentration and its potential impact on price stability. WLD currently trading at $5.2029 on the daily chart: TradingView.com Moving forward, transparency from Worldcoin regarding large token holders and their intentions, alongside robust regulations to mitigate manipulation risks, will be crucial to ensuring a healthy and sustainable ecosystem for WLD and the wider cryptocurrency market. Navigating Regulatory Headwinds And Privacy Concerns However, Worldcoin’s journey is not without hurdles. The company faced pushback in several countries, including France, India, and Brazil, where they had to halt iris scanning due to privacy concerns. These controversies raised questions about the ethical implications of collecting biometric data and its potential misuse. Additionally, their initial promise of offering free cryptocurrency in exchange for scans drew criticism for potentially exploiting vulnerable populations in developing countries. Related Reading: UNI Jumps Over 12% Heres Why Investors Flock To This Token Moving Forward: Transparency And Community Dialogue Hold The Key Worldcoin’s future trajectory hinges on its ability to navigate these complexities. Addressing privacy concerns with robust data security measures and clear opt-in processes is crucial. Transparency about project goals, tokenomics, and potential risks is essential for building trust within the wider community. Open dialogue with regulators and users will be key to securing social acceptance and navigating the legal landscape. While Worldcoin’s recent successes are noteworthy, they are accompanied by significant challenges and ethical considerations. Only through addressing these concerns and fostering open communication can Worldcoin hope to achieve its ambitious vision of a universal digital identity solution in a responsible and sustainable manner. Featured image from Adobe Stock, chart from TradingView

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