The Spanish data protection regulator has placed a temporary three-month ban on Worldcoin, the cryptocurrencycurrency project that Sam Altman co-founded.
The creator of Worldcoin, Tools for Humanity Corporation, was instructed by the Spanish data protection regulator (AEPD) to stop collecting and using data after receiving complaints regarding incomplete information and data collected from minors.
In response, Worldcoin denounced the AEPD’s actions for allegedly skirting GDPR regulations and disseminating false information about their technology. Global regulatory oversight is being applied to the project, and inquiries have been opened in Kenya, South Korea, Hong Kong, and the United Kingdom.
The AEPD’s action comes after other authorities who were worried about the risks associated with processing biometric data took comparable measures. The Data Protection Officer at Worldcoin indicated a readiness to interact with authorities, referencing continuous correspondence with the Bavarian government.
Privacy campaigners have expressed concerns about Worldcoin’s data collecting techniques, despite the company’s stated goals of providing free bitcoin and digital IDs. The prohibition highlights the mounting legal obstacles that initiatives incorporating biometric data into cryptocurrencycurrency must overcome.
With the support of well-known venture capital firms, Worldcoin is at a critical juncture as it works through regulatory obstacles across the globe. The future of Worldcoin is still unknown due to the investigations and bans, as privacy worries are still high.
