June 5, 2024
Latest Cryptocurrency News

Worldcoin Halts Operations in Spain Amid Ongoing Data Probe

The Spanish Agency for Data Protection (AEPD) announced on June 4 that Worldcoin, a human identity and financial network, will not resume its activities in Spain until the end of 2024. The decision follows an agreement with Tools for Humanity Corporation, the company behind Worldcoin.

This pause will remain in effect until the completion of an ongoing investigation by the Bavarian data protection authority (BayLDA), regarding Worldcoin’s handling of personal user data.

European Investigation and Regulatory Concerns

The BayLDA is leading the investigation into Worldcoin’s data practices and is expected to reach a conclusion soon, in coordination with other European supervisory authorities, including those in Spain. In March 2024, the authorities in Spain ordered Worldcoin to cease collecting and processing personal data within the country due to concerns about data privacy.

During the investigation, Worldcoin has implemented additional security measures. These include open-sourcing its biometric data system and allowing users to securely delete old iris codes. The company has also introduced more rigorous age verification controls and improved options for users to remove their iris data.

Global Scrutiny and Growing User Base

Spain and Germany are not the only countries scrutinizing Worldcoin’s operations. On May 22, authorities in Hong Kong halted Worldcoin’s activities. It cited unjustifiable retention of biometric data, including face and iris images, for up to 10 years to train artificial intelligence models.

Despite regulatory challenges, Worldcoin continues to grow. In April 2024, it celebrated reaching 10 million users and facilitating 70 million transactions. The project also gained attention when a user in Africa purchased 13 goats using Worldcoin’s cryptocurrency.

Moreover, Worldcoin is expanding its ecosystem with the launch of its “human-centric” blockchain network, World Chain. This will aim at enhancing efficiency and real-world utility in Web3 applications. Additionally, the company plans to increase the supply of its token, WLD, by up to 19% over the next six months.

Image by rawpixel.com on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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