Spain bans WorldCoin for up to 3 months amid extensive investigation
World Coin 
world
+21.63%
A cryptocurrency project co-founded by Sam Altman has been banned in Spain for up to three months as the country’s data protection watchdog continues its investigation into it.
in name On Wednesday, Spain’s data protection agency, AEPD, announced that it had ordered preventive measures against Tools for Humanity Corporation. The company, the core developer of Worldcoin, has a business model that involves exchanging cryptocurrencies by scanning people’s irises.
“AEPD has received multiple complaints against the company for a number of violations, including lack of information, collection of data from minors, and the inability to withdraw consent,” the regulator said.
The agency ordered the project to stop collecting and processing personal data and to stop using information already collected. Spanish regulators added that the processing of biometric data, which is entitled to special protection under the European Union’s General Data Protection Regulation (GDPR), carries a high risk for citizens’ rights.
Commenting on the temporary ban, Worldcoin said: blog post We have been working with the Bavarian Data Protection Authority for over a year, which is leading oversight efforts for GDPR compliance.
“It is unfortunate that the Spanish Data Protection Authority (AEPD) is today circumventing the procedures established under the GDPR and is taking action that is limited to Spain and not the wider EU,” said Jannick Preiwisch, head of data protection at the WorldCoin Foundation. He said. name.
Preiwisch added that the Worldcoin team’s efforts to communicate with AEPD “went unresponsive for months.”
“I am grateful that I now have the opportunity to help AEPD better understand important facts about this essential and legal technology,” Preiwisch continued.
Worldcoin’s WLD token fell as low as $6.08 at one stage on Wednesday, but has since reportedly rebounded to $7.79 at 10:15 a.m. Hong Kong time on Thursday. The Block’s Pricing Page. The token is up 23.7% in the last 24 hours.
Increased regulatory scrutiny
World Coin is Has been investigated in various jurisdictions This is due to the business practice of scanning people’s irises. Earlier this week, Korea started investigating from Worldcoin after receiving complaints about the project.
In January, Hong Kong’s privacy watchdog conducted a survey Six Worldcoin properties cited concerns about risks to personal data privacy. Following Worldcoin’s token launch last July, the UK’s data protection regulator I expressed my intention Inquire about the project. In the same month, the Bavarian State Data Protection Supervisory Authority also said: Researching Cryptocurrency Projects.
In August 2023, the Kenyan Ministry of Home Affairs stopped Worldcoin went live in the country after the project had already registered hundreds of thousands of individuals.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
