Spain has taken a significant step by blocking the data collection process of OpenAI CEO Sam Altman’s Worldcoin, which involves iris scanning. The Spanish data protection authority, AEPD, has instructed Worldcoin (WLD) to stop collecting personal data through eye scans and to use already gathered data in Spain.

In a similar vein, South Korean regulators have also launched an investigation into Worldcoin due to privacy concerns raised by users. The AEPD’s decision to halt Worldcoin’s data collection process is seen as a preemptive measure to protect Spanish citizens, especially minors, from potential privacy infringements. This move positions Spain as the first European nation to challenge Worldcoin’s operations, highlighting the need for a unified European response to the project’s implications for EU citizens.

Following this development, Worldcoin’s price experienced a sharp decline of nearly 10%. However, the token has still seen an impressive increase of almost 200% over the past month. The rally of WLD began in February, in line with other major AI coins, following the launch of OpenAI’s text-to-video generation platform, Sora.

Worldcoin, founded by Altman in 2019, aims to distribute its cryptocurrency in exchange for users agreeing to undergo iris scanning using a device called the orb. The project seeks to create a secure method for verifying human identity and distinguishing real users from AI entities as AI technology continues to advance.

Despite its innovative approach, Worldcoin is facing regulatory hurdles on a global scale. The project is not accessible in key markets like China and India, and it has encountered legal challenges in Kenya, where authorities have demanded a halt to its operations. The UK’s Information Commissioner’s Office has also expressed intentions to investigate Worldcoin. Spain’s recent actions add to the project’s challenges in establishing a new standard for digital identity verification amidst increasing global scrutiny over privacy and data protection concerns.

For more insights into the cryptocurrency market, stay updated with the latest news on Global Crypto News.

Post Views: 8