NAIROBI (Coinchapter.com) – In a bold move, Spain bans Sam Altman Worldcoin operations in its jurisdiction for up to three months. The Spanish Data Protection Agency (AEPD) initiated the suspension, alleging serious breaches in data privacy practices surrounding the company’s iris-scanning technology.

Meanwhile, Worldcoin defends its privacy and security standards on a post on the company’s official website. Woldcoin data protection officer, Jannick Preiwisch, claimed that the Spanish authority was “circumventing established procedures” by temporarily suspending the project. He upheld their commitment to operating lawfully and under the supervision of the Bavarian data protection authority (BayLDA), responsible for overseeing their GDPR compliance across the European Union.

“We have been engaged with BayLDA, who are the lead supervisory authority under the GDPR for Worldcoin,” stated Jannick Preiwisch, Data Protection Officer at the Worldcoin Foundation. “It is unfortunate that the Spanish data protection authority (AEPD) is circumventing established procedures under GDPR with their actions today.”

Spain Bans Worldcoin, But WLD Token Shows Resilience

In spite of the unfortunate news for Worldcoin, Project WLD/USD remains unshaken. According to data from TradingView, WLD/USD currently trades at $7.19 recording a 8.80% price surge in the last 24 hours. Meanwhile, the price is hovering around the 0.5 Fibonacci level, a common correction area.

WLD/USD 1-day price chart. Source. TradingView

Worldcoin temporary suspension in Spain adds to the mounting regulatory scrutiny Worldcoin faces across multiple jurisdictions. Earlier this week, South Korea launched an investigation into the project following complaints about its operations. In January, Hong Kong’s privacy watchdog conducted on-site investigations at six Worldcoin premises, citing concerns over personal data privacy risks.

As investigations unfold, all eyes are on how Worldcoin navigates this regulatory minefield while defending its ambitious vision of creating the internet’s digital identity layer. The venture’s ability to balance innovation and privacy will be a litmus test for future Web3 projects seeking mass adoption.

Worldcoin (WLD) has seen positive market performance even amidst regulatory hurdles. It remains uncertain whether this trend can continue as the Spanish ban and broader scrutiny from privacy watchdogs intensify. The coming months will determine whether Worldcoin can overcome these challenges or face more widespread restrictions.

The post Spain Bans Worldcoin Operations Over Data Privacy Concerns appeared first on CoinChapter.

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Filed under: Bitcoin - @ March 8, 2024 1:18 am