World Coin (WLD) investigated by Korea Personal Information Protection Commission
Amid privacy concerns, South Korea’s Personal Information Protection Commission has launched an investigation into Worldcoin’s data collection practices.
The Personal Information Protection Commission (PIPC) has launched an official investigation into cryptocurrency project World Coin (WLD) due to concerns about its data collection methods, including the collection of iris information. The Commission detailed its course of action on March 4, 2024, after receiving a series of complaints about the privacy implications of Worldcoin’s operations.
Worldcoin has been investigated for collecting biometric data at various locations within South Korea. PIPC’s investigation will focus on compliance with the Personal Data Protection Act, particularly the collection and processing of sensitive data and the possible transfer of personal information abroad.
PIPC, led by CEO Hak-soo Ko, confirmed that World Coin-related entities are actively accumulating facial and iris recognition data at about 10 sites in Korea. The Commission’s proactive approach reflects growing concerns globally about the intersection of privacy and technology in the digital age, highlighting its role as a privacy defender in Korea.
This news is especially important in the cryptocurrency and blockchain sector, where the balance between innovation and user privacy is often debated. As the popularity of cryptocurrencies surges and blockchain technology becomes widespread in various aspects of daily life, the PIPC’s action could set a precedent for how similar cases may be handled around the world.
As the investigation progresses, the committee plans to thoroughly examine the scope of data collection, security and consent protocols, and whether WorldCoin’s activities comply with South Korean laws on personal information protection. If any violations are discovered, PIPC promised to take appropriate action in accordance with relevant laws and regulations.
Given the complexities of international law and the digital nature of cryptocurrency projects operating across traditional borders, the PIPC’s investigation into Worldcoin may spark further discussions on international cooperation and regulation of the digital currency space.
This development serves as a reminder to all companies operating in the blockchain and cryptocurrency industry of the importance of complying with local privacy laws and regulations. As digital currencies continue to evolve, the need for clear guidelines and compliance with privacy standards to ensure privacy is becoming increasingly important.
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