Among today’s crypto news is the announcement by the Spanish Data Protection Agency (AEPD) to suspend Worldcoin (WLD) for up to three months in Spain.
The AEPD received several complaints about the iris scan crypto project, prompting a broader investigation.
Crypto news: Worldcoin (WLD) has been suspended in Spain for up to three months
In Spain, the Spanish Data Protection Agency (AEPD) has announced to ban the Worldcoin (WLD) crypto project for up to three months.
“The AEPD orders an injunction preventing Worldcoin from continuing to process personal data in Spain.
The decision is based on exceptional circumstances, where it is necessary to take measures aimed at immediate cessation of processing to safeguard the right to data protection.”
In practice, the AEPD ordered a precautionary measure against Tools for Humanity Corporationthe lead developer company of Worldcoin. The project’s business model involves scanning people’s irises in exchange for cryptocurrency.
Specifically, the AEPD is asking Worldcoin to stop the collection and processing of special categories of personal data and block data already collected.
This is because the Spanish regulator has received several complaints such as violations, insufficient information, the collection of data from minors and the impossibility of revoking consent.
In this regard, therefore, Spain will see a temporary ban on Worldcoin activities for a maximum of three months, as a precautionary measure. Here is an excerpt from the press release:
“This decision is based on exceptional circumstances, in which it is necessary to take precautionary measures aimed at the immediate cessation of processing activities to prevent the possible transfer of data to third parties and to safeguard the fundamental right to the protection of personal data.”
Crypto news: Worldcoin (WLD)’s response to temporary ban in Spain
At the same time, Worldcoin he wanted to answer to this temporary ban imposed in Spain, stating that World ID is a secure and permissionless identity protocol.
In practice, the crypto project wanted to specify that operates legally under the strict supervision of the Bavarian Data Protection Authority (BayLDA), the regulatory body responsible for overseeing compliance with the GDPR in tutta l’UE (Lead Supervisory Authority).
Not only that, Worldcoin also stated that Project collaborators have been regularly responding to BayLDA requests for monthsoperating legally in Spain and some other European countries.
About that, Jannick PreiwischData Protection Officer of Worldcoin Foundation, commented:
“For over a year we have been engaged with BayLDA, which is the lead supervisory authority under the GDPR for Worldcoin Foundation and Tools for Humanity.
It is regrettable that the AEPD is circumventing the procedures established by the GDPR with its actions today, which are limited to Spain and not the wider EU. It is equally unfortunate that they are spreading inaccurate and misleading claims about our technology globally, after our efforts to provide them with accurate insight into Worldcoin and World ID went unanswered for months.”
Privacy investigations and the price of WLD
Spain is not the first country to investigate the Worldcoin (WLD) crypto project. The reason is always the same is that safeguard the privacy of the data collected by the biometric scanning project.
And in fact, last month, too the Hong Kong authorities it seems they put under investigation Worldcoin, obtaining a warrant to seize the documents relating to the use of the data collected.
Hong Kong privacy authorities managed to visit Worldcoin’s six offices and warned the general public to be more careful about their biometric data.
Nonetheless, again in the last month, the price of WLD has increased by +227% . At the time of writing, WLD is worth $7.39 and its total market cap of $753 million places it in 26th place in the crypto ranking.
The real price surge of WLD occurred in mid-Februarybefore the great bull run of Bitcoin and the main cryptocurrencies.
Such a WLD price pump represented a potential gain for creditors associated with entities such as Three Arrow Capital and FTX, highlighting the importance of strategic investments in the crypto space.
Source: https://cryptonomist.ch/2024/03/07/crypto-news-worldcoin-wld-sospensione-spagna/
