The Worldcoin (WLD) project, which aims to collect biometric data through blockchain, seems to be struggling with regulatory concerns rather than profits since its official launch. So what are the latest developments?
Argentina Joins Other Countries in Investigating Worldcoin
In a development that cannot be described as shocking, the Argentine Government’s information agency, the Public Information Access Agency, has launched an investigation into Sam Altman’s project due to concerns about data privacy.
The Public Information Access Agency stated that it will allocate resources to investigate the methods of the Worldcoin project regarding how it collects user data. The agency also said that it will examine the storage of personal data and the use of the protocol as part of this investigation.
If any abnormalities are detected, the Agency announced in its public statement that it will take unspecified measures to address all relevant concerns. The Worldcoin project has been labeled as a revolutionary protocol that can address some fundamental biometric data challenges encountered worldwide. The project uses a specially designed device called the “Orb” to scan individuals’ irises.
Contrary to allegations, these data are securely stored and users have control over their data along with an incentive that includes a few dollars in WLD tokens sent to them. The data collection model and the allocation of WLD tokens have raised many uncertainties and more questions than answers.
In addition to Argentina, other countries have launched investigations into Worldcoin, and officials in Kenya, France, and Germany are at the forefront of the list of countries examining the project for a violation or another.
Worldcoin (WLD) Price Overview
A series of pressures applied to Worldcoin by different countries has created significant downward pressure on the token price recently. Currently, WLD is trading at $1.69 with an 8.26% drop in the last 24 hours, according to the available on-chain data.
With a current market value of $211.69 million, there may be further negativity for the token. Despite targeted government pressures from some regions, the Worldcoin protocol is still in its infancy and its adoption in other regions can help it continue to grow in the near future.
