Blockchain biometrics collection project Worldcoin (WLD) appears to be scoring more negative regulatory strains than wins since its official launch to the general public.
Argentina Joins Other Countries Investigating Worldcoin
In what cannot be described as a shocking twist, an Argentine Government information agency, the Public Information Access Agency, has opened an investigation into Sam Altman’s project over data privacy concerns.
The Public Information Access Agency said it will be committing its resources to dig into the modalities of the Worldcoin project as it concerns how it collects user’s data. Additionally, the agency said it will also look into the storage and the protocol’s use of personal data as part of this investigation.
Should any anomalies be discovered, the Agency revealed in the release it shared with the public that it will be taking unspecified measures to address all related concerns.
The Worldcoin project is tagged a very revolutionary protocol that can address some of the core biometric data challenges being faced around the world. The project uses a specially designed device called an ‘Orb’ to scan the Iris of interested individuals.
These data, as it claimed, are stored securely and give users control over their data with an accompanying incentivization featuring a few Dollars sent out as WLD tokens. The model to collect data and the allocation of the WLD tokens have sparked a lot of uncertainties, with more questions being raised than answers.
Besides Argentina, other countries have launched an investigation into Worldcoin as well with authorities in Kenya, France, and Germany topping the list of nations looking into the project for one violation or the other.
Outlook on Worldcoin (WLD) Price
The series of crackdowns on Worldcoin by different countries have weighed heavily on the price of the token in recent times. At the moment, WLD is changing hands at a price of $1.705, down by 8.26% over the past 24 hours according to current on-chain data.
More downsides might be in the works for the token which currently boasts a market capitalization of $211.69 million at the current market price. The Worldcoin protocol is still in its infancy and despite the targeted government crackdowns from some regions, its adoption in others might help sustain its growth in the near term.
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