- The data gathering tactics and regulatory compliance have been the subject of concerns.
- The investigation is over possible breaches of the Personal Information Protection Act.
The Worldcoin (WLD) cryptocurrency is now under investigation by the South Korean Personal Information Protection Commission (PIPC), which is based on concerns about user privacy. The project’s data gathering tactics and regulatory compliance have been the subject of concerns in the crypto community and the larger tech sector due to this development.
Investors are keeping a careful eye on how the probe is affecting the price of Worldcoin and its future possibilities. Complaints over Sam Altman led Worldcoin’s handling of personal data, especially data pertaining to iris and face scans, prompted the PIPC in South Korea to launch an inquiry. Remarkably, on February 29, the commission began its investigation out of concern for possible breaches of the Personal Information Protection Act.
Possible Transfer of Sensitive Data Abroad
The announcement came from PIPC in a press statement today, which has sparked conversations in the cryptocurrency market. Worldcoin affiliates are reportedly gathering “facial and iris recognition” data at about 10 locations around South Korea, as stated in a news release by the PIPC. The gathering, processing, and possible transfer of sensitive personal data abroad will be investigated by the commission.
The data protection authority will act in compliance with applicable rules and regulations if it confirms infractions, as shown in the news release. Worldcoin’s price has seen a little pullback due to the immediate impact of the probe news. At the time of writing, WLD is trading at $7.43, down 4.06% in the last 24 hours as per CoinMarketCap. This legal investigation into Worldcoin occurs while the cryptocurrency is experiencing meteoric growth, highlighting the dangers of non-compliance with regulations and privacy issues.
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- Source: https://thenewscrypto.com/worldcoin-faces-regulatory-scrutiny-in-south-korea-over-privacy-issues/
