Hong Kong Orders WorldCoin (WLD) Cryptocurrency To Shut Down Services  | EVM News

The Hong Kong government ordered the WorldCoin project team to stop using the Iris scanner device citing citizens’ privacy.

Worldcoin is a cryptocurrency project founded by OpenAI CEO Sam Altman and Alex Blania. This crypto project’s goal is to create a globally inclusive digital currency by distributing it freely to every person on Earth. The Worldcoin project team believes this cryptocurrency will help digital companies to distinguish AI bots & human identity easily. The project aims to drive global adoption of cryptocurrencies while addressing issues of financial inclusivity and digital identity verification.

On 22 May 2024, Hong Kong regulators ordered the WorldCoin project not to use human iris scanning devices because such services in Hong Kong violated the Privacy Ordinance.

As per official records by Worldcoin Cryptocurrency, nearly 8,302 people have been registered with the Worldcoin app with a complete facial & iris scan. 

The Hong Kong government ordered this cryptocurrency project to stop using these unnecessary methods of user verification. 

Hong Kong’s Privacy Commissioner for Personal Data (PCPD) pointed out that Worldcoin didn’t properly inform Worldcoin app users about their rights and why their data was being collected, as the law requires. The regulator also claims that Worldcoin didn’t give enough information before or during the data collection process.

Furthermore, the regulatory body noted that Worldcoin neglected to apprise participants of the inherent risks linked to disclosing their biometric data and did not furnish them with avenues to address their inquiries.

It is worth it to note that the WorldCoin project isn’t operating in the US because of regulatory issues and is now facing problems in other countries too. Despite this, it is still growing in places like Peru.

World coin (WLD) price action 

The current trade price of World coin (WLD) is $5.1 & this trade price is 38% down over the last 3 months.

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