The South Korea’s Personal Information Protection Commission (PIPC) has launched an investigation into Worldcoin (WLD), citing concerns regarding privacy issues. This move has sparked discussions within both the cryptocurrency community and the broader technology sector. In response to the investigation, Worldcoin, led by Sam Altman, has issued a statement welcoming the probe and expressing full cooperation with the authorities.

The focus of the investigation primarily centers around Worldcoin’s utilization of iris recognition technology. This technology is integral to Worldcoin’s mission of separating artificial intelligence (AI) from people and ensuring that basic income is distributed exclusively to individuals. However, concerns have been raised about the collection and processing of sensitive information, particularly in terms of compliance with the Personal Information Protection Act and the potential transfer of personal data abroad.

Recent Developments and User Surge

In recent weeks, there has been a significant surge in the number of users of ‘World App,’ a Worldcoin wallet, particularly within the Korean market. This surge coincides with the acquisition of the operation of ‘Ob,’ the iris recognition device used by Worldcoin, by Chain Partners, a domestic blockchain company.

The surge has been most pronounced in the Yeouido area, where Chain Partners has installed Orb. The increased adoption of ‘World App’ highlights the growing interest and usage of Worldcoin among Korean users, reflecting the broader impact of Chain Partners’ involvement in facilitating access to Worldcoin’s services.

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Worldcoin Market Performance and Price Analysis

Despite the ongoing regulatory scrutiny, Worldcoin’s market performance remains noteworthy. As of the latest data, the price of Worldcoin stands at $9.85, with a marginal change of 0.26% over the past 24 hours. The token’s market capitalization currently sits at $1.49 billion, indicating its significant presence within the cryptocurrency market.

Notably, Worldcoin has experienced a remarkable change of 166.04% since the beginning of the year, underscoring its resilience and growth amidst the evolving regulatory landscape. As the investigation unfolds and regulatory clarity emerges, the market performance of Worldcoin will continue to be closely monitored by investors and industry observers alike.

Also Read: Solana To Dive Below $127, Analyst Predicts As SOL Price Rallies

The post Worldcoin Consent to South Korean Regulator Probe appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am