Spain Blocks Worldcoin Project Amidst Data Collection Concerns
The cryptocurrency project Worldcoin, led by Sam Altman, has encountered another setback as Spain takes action to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately stop collecting personal information within the country and to cease using the data it has already gathered.
Concerns Over Worldcoin’s Eyeball-Scanning Data Collection
The AEPD has expressed concerns about Worldcoin’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a precautionary measure on Wednesday, giving Worldcoin 72 hours to demonstrate compliance with the order.
- The AEPD is concerned about Worldcoin’s use of an eyeball-scanning “orb” to collect customers’ data.
- The regulator is expected to announce a precautionary measure on Wednesday.
- Worldcoin has been given 72 hours to demonstrate compliance with the order.
Worldcoin, co-founded by Sam Altman in 2019, offers its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. These scans serve as a means of identification and aim to establish a reliable mechanism for distinguishing between humans and machines as artificial intelligence advances.
However, Spain’s regulatory action adds to a series of setbacks faced by Altman and his co-founders. Last year, Worldcoin was ordered to cease operations in Kenya due to opposition from authorities. The project also refrained from launching its crypto tokens in the United States due to strict regulations on digital assets. Major global markets such as China and India have also not made the Worldcoin token available, and the UK’s Information Commissioner’s Office expressed intentions to investigate the project.
Consumer Complaints in Spain
Spain’s recent action specifically targets Worldcoin’s core objective of establishing a method to verify customers’ “personhood.” Altman has acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency as the start-up faces growing scrutiny.
- Spain’s recent action specifically targets Worldcoin’s core objective of verifying customers’ “personhood.”
- Altman acknowledges the possibility of Worldcoin existing without its in-house cryptocurrency.
The project has registered approximately 4 million users, with investments totaling around $250 million coming from venture capital firms and prominent individuals. However, it gained media attention and sparked consumer complaints in Spain, particularly at shopping centers where Worldcoin offered cryptocurrency in exchange for eye scans. The data protection watchdog in Spain’s Basque Country called for a risk assessment of the eye-scanning technology used by Worldcoin in a mall in Bilbao.
As a result of Spain’s regulatory action, Worldcoin’s native token, 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 attention shifts to Bitcoin (BTC), which recently achieved a new all-time high on Tuesday. Despite significant growth over the past month, WLD has experienced a 5.8% price correction in the last seven days.
- Worldcoin’s native token, WLD, has seen a halt in its 200% upward trend over the past 30 days.
- Bitcoin’s recent all-time high has shifted attention away from WLD.
- WLD has experienced a 5.8% price correction in the last seven days.
The token’s market capitalization has slipped below $1 billion and currently stands at $997 million. However, the advancements in artificial intelligence technology developed by Sam Altman’s projects have the potential to significantly influence the token’s price in the future.
- The token’s market capitalization currently stands at $997 million.
- Advancements in artificial intelligence technology could impact the token’s price in the future.
Despite a 26% decrease from its all-time high of $9.44, ongoing technological advancements indicate promising prospects for the token’s future. The response of Worldcoin’s founders to Spain’s regulatory measures and their ultimate impact on the token’s price trajectory remain to be seen.
Hot Take: Spain Blocks Worldcoin Amidst Data Collection Concerns
The cryptocurrency project Worldcoin, led by Sam Altman, faces a setback as Spain takes action to block the venture. Concerns over Worldcoin’s use of an eyeball-scanning “orb” to collect customers’ data have led to an order from the Spanish data protection regulator to halt data collection and usage immediately. This follows a series of setbacks faced by Worldcoin in various countries, including opposition from authorities in Kenya and refraining from launching tokens in the US due to strict regulations. The recent regulatory action in Spain specifically targets Worldcoin’s core objective of verifying customers’ “personhood.” Despite these challenges, Worldcoin has registered millions of users and received significant investments. However, Spain’s intervention has resulted in a decline in Worldcoin’s native token price. Additionally, WLD has halted its upward trend as attention shifts to Bitcoin. Despite this, ongoing technological advancements in the field of artificial intelligence hold promise for Worldcoin’s future. The response of Worldcoin’s founders to Spain’s regulatory measures and their impact on the token’s future remain uncertain.
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