- Regulatory pressure is mounting globally on the crypto project over data privacy.
- A probe into Worldcoin’s “questionable” biometric data collection was announced in July.
According to Reuters, the Worldcoin’s headquarters in France’s capital city has been subject to “checks” by the National Commission on Informatics and Liberty (CNIL). These occur at a time when regulatory pressure is mounting throughout the world on the crypto project.
CNIL is an independent French government agency responsible for enforcing the country’s data privacy legislation. A probe into Worldcoin’s “questionable” biometric data collection was announced in July.
The project has generated criticism since it asks individuals to have their irises scanned in return for a digital “World ID”. It says this is done to combat fake online identities created with the use of AI technology. A CNIL representative confirmed on Thursday that “checks took place at the Worldcoin offices,” confirming an earlier story by Politico that the inspection had occurred the previous day, on Wednesday.
Rising Regulatory Scrutiny
Worldcoin, according to the company’s response to CNIL’s first inquiry in July, was created with privacy protection in mind. The project was dedicated to complying with applicable regulations as well. The project claims that over two million users have already joined up.
Kenya’s government said on August 2 that it would temporarily suspend Worldcoin operations while it assessed the cryptocurrency’s security. The United Kingdom also initiated an investigation as per a statement on July 31.
Worldcoin (WLD) price has lost significantly over the last 30 days as a result of regulatory concerns. According to CMC, the price is down 50 percent in the last 30 days, trading at $1.13.
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