Hong Kong orders Worldcoin (WLD) Cryptocurrency to shut down services
The Hong Kong government ordered the Worldcoin project team to stop using the Iris scanner device citing citizens’ privacy.
Worldcoin is a cryptocurrency project founded by OpenAI CEO Sam Altman and Alex Blania. This crypto project’s goal is to create a globally inclusive digital currency by distributing it freely to every person on Earth. The Worldcoin project team believes this cryptocurrency will help digital companies to distinguish AI bots & human identity easily. The project aims to drive global adoption of cryptocurrencies while addressing issues of financial inclusivity and digital identity verification.
On 22 May 2024, Hong Kong regulators ordered the Worldcoin project not to use human iris scanning devices because such services in Hong Kong violated the Privacy Ordinance.
As per official records by Worldcoin Cryptocurrency, nearly 8,302 people have been registered with the Worldcoin app with a complete facial & iris scan.
The Hong Kong government ordered this cryptocurrency project to stop using these unnecessary methods of user verification.
Hong Kong’s Privacy Commissioner for Personal Data (PCPD) pointed out that Worldcoin didn’t properly inform World app users about their rights and why their data was being collected, as the law requires. The regulator also claims that Worldcoin didn’t give enough information before or during the data collection process.
“Worldcoin Foundation is disappointed by the views recently released by the regulatory authorities in Hong Kong. Worldcoin operates lawfully and is designed to be fully compliant with all laws and regulations governing data collection and use, including the Personal Data (Privacy) Ordinance of Hong Kong, among many other similar statutes across other markets. In an effort to prepare humanity for the age of AI, the Foundation continues to raise the privacy bar through data minimization, user control over data and advanced technology such as personal custody, iris code deletion, and secure multi-party computation. Unfortunately, the authorities in Hong Kong overlooked these aspects in their evaluation of the humanness verification process.”
Worldcoin Team
Furthermore, the regulatory body noted that Worldcoin neglected to apprise participants of the inherent risks linked to disclosing their biometric data and did not furnish them with avenues to address their inquiries.
It is worth it to note that Individuals in the United States can obtain a World ID but do not have access to the WLD token. You can find a list of humanness verification locations here.
World coin (WLD) price action
The current trade price of World coin (WLD) is $5.1 & this trade price is 38% down over the last 3 months.
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