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- Global regulatory scrutiny is increasing on the crypto initiative regarding data privacy issues.
- An investigation into Worldcoin’s “controversial” biometric data collection was announced in July.
As reported by Reuters, the Worldcoin headquarters located in the capital of France has been subjected to “inspections” by the National Commission on Informatics and Liberty (CNIL). These inspections are taking place amid heightened regulatory scrutiny worldwide concerning the crypto initiative.
CNIL is an autonomous French governmental body tasked with enforcing the nation’s data privacy laws. An investigation into Worldcoin’s “controversial” biometric data collection was revealed in July.
The initiative has faced backlash for requiring individuals to undergo iris scans in exchange for a digital “World ID.” It asserts that this measure is aimed at combating fraudulent online identities created through AI technology. A representative from CNIL confirmed on Thursday that “inspections were conducted at the Worldcoin offices,” corroborating an earlier report by Politico that the inspection had taken place the day before, on Wednesday.
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Increasing Regulatory Attention
In response to CNIL’s initial inquiry in July, Worldcoin stated that it was developed with an emphasis on privacy protection. The initiative also expressed its commitment to adhering to relevant regulations. The project claims that it has already attracted over two million users.
The government of Kenya announced on August 2 that it would temporarily halt Worldcoin operations while it evaluated the security of the cryptocurrency. The United Kingdom also commenced an investigation as mentioned in a statement on July 31.
Worldcoin (WLD) has seen a substantial decline in price over the past 30 days due to regulatory apprehensions. According to CMC, the price has dropped by 50 percent in the last month, currently trading at $1.13.
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