South Korea Investigates Worldcoin Over Privacy Concerns

The PIPC of South Korea is investigating Worldcoin due to privacy concerns regarding its data-gathering methods.

The Personal Information Protection Commission (PIPC) of South Korea is currently scrutinizing the cryptocurrency Worldcoin (WLD) as it initiates an investigation, citing privacy concerns.

Importantly, this new development has spurred discussions not only within the Bitcoin community but also in the broader technology sector.

These discussions have raised concerns about the project’s data-gathering techniques and regulatory compliance. Investors are currently closely monitoring the inquiry to assess its impact on the price of Worldcoin and its future potential.

South Korea Investigates Worldcoin

The Public Information and Protection Commission (PIPC) of South Korea has opened an inquiry into Worldcoin in response to allegations surrounding acquiring and processing personal information, particularly about facial and iris recognition software.

Particularly noteworthy is that the commission initiated its investigation on February 29, signaling its worry regarding possible violations of the Personal Information Protection Act.

PIPC reported the development in a press statement issued today, sparking conversations within the cryptocurrency market. Individuals affiliated with Worldcoin are now gathering information regarding facial and iris recognition at approximately ten different places in South Korea following the press statement issued by the PIPC.

The commission intends to conduct an exhaustive investigation into the gathering, processing, and possibly transferring of sensitive personal data to countries outside of the United States.

Meanwhile, the press release demonstrated that the data protection authority will take appropriate action following applicable rules and regulations if it confirms infractions.

After an initial increase of 9% in the previous 24 hours, the price of Worldcoin experienced a minor retreat due to the news of the probe. This legal examination is taking place at the same time that Worldcoin has gained significant traction in the cryptocurrency market.

This highlights the possible risks related to regulatory compliance and privacy concerns. The fact that Worldcoin, which OpenAI CEO Sam Altman co-founded, is well-known for its identity-focused strategy.

For verification, the Orb gadget employs iris scanning technology. Participants receive WLD tokens as a reward for signing up for the protocol. Participants receive this incentive.

On the other hand, this one-of-a-kind registration procedure has caused a stir in several different jurisdictions, with South Korea being the most recent to address issues regarding privacy and data protection.

The investigation that the privacy watchdog in South Korea conducted is an additional factor that contributes to the regulatory issues that Worldcoin is currently facing.

This investigation highlights the significance of adhering to strong privacy standards in the cryptocurrency field. Projects such as Worldcoin must traverse a complicated legal landscape to assure compliance and preserve trust among investors and users alike.

This is because global regulators continue to scrutinize digital assets. As this article is being written, Worldcoin’s price has increased by 4.17% in the past 24 hours, reaching $8.03, while its trading volume has remained close to $723.33 million.

The token reached a high of $8.34 this morning, but it quickly reversed its direction as the news broke.