French Regulators to Investigate Worldcoin for Data Privacy
Worldcoin is becoming shrouded with more controversy with the passing of time. The project is now under investigation by the French authorities over the matter of their data collection practices. It is worth noting that this project has received considerable criticism on account of its iris-scanning technology.
CNIL, the French regulatory authority for National Commission, on Informatics and Liberty is now reportedly looking into the WLD project to discern fair data collection methods.
The agency has conjectured that Worldcoin has adopted unfair data collection and storage practices. To investigate the matter, CNIL has collaborated with the German stand-in as the primary European regulator on the matter.
CNIL agents have told media that the data collection mechanism of the Worldcoin layer 2 protocol sounds questionable. At the same time, they have also raised questions about the storage of biometric data for its users.
France and Germany are not the only European territories where Worldcoin is currently facing regulatory difficulties. The crypto entity is also facing the same classification of scrutiny in the United Kingdom.
In response, the non-profit entity known as Worldcoin Foundation has informed the media that the crypto project has ensured compliance with the legal aspects and obligations regarding the processing of personal data management.
The foundation quoted the General Data Protection Regulation (GDPR), a privacy and cybersecurity regulation mandated by the EU that is updated every year since 1995. The firm also mentioned that the crypto project was under the supervision of the State Office for Data Protection Supervision of Bavaria.
At the same time, the crypto entity told the media that it has continued to correspond with European regulators to ensure compliance at all times.
Worldcoin’s Launch Creates Controversy in the Crypto World
Worldcoin (WLD) was launched earlier this month. Within hours of its debut, major cryptocurrency exchanges listed it and the project started trending on social media.
The hype around WLD comes from an iris-scanning device called Orbs and its association with OpenAI CEO Sam Altman. Orbs are devices that are used to scan iris and cryptographically store the data. Orbs are connected with World App that releases 25 tokens per user when their World ID is verified.
The concept of this project is to promote UBI or Universal Basic Income employing Proof-of-Personhood (PoP). PoP is a method that uses biometric data from users such as iris scans to ascertain their humanity as opposed to being AI or bots.
However, Ethereum co-founder Vitalik Buterin has issued some caveats associated with this project. On the other hand, regardless of the data and privacy concerns the project was well-received by the crypto community. WLD recorded an ATH on the 27th as per Etherscan statistics.
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