It is ironic that Worldcoin, a cryptocurrency that aims for global acceptance, is not accepted all around the world. The reasons for this lack of acceptance stem from significant concerns regarding privacy and data protection.
In Hong Kong, the Office of the Privacy Commissioner for Personal Data (PCPD) issued an enforcement notice to the Worldcoin Foundation. The PCPD criticized Worldcoin for its excessive and unnecessary collection of iris and facial images of the public. These data collection methods raise alarms about the potential risks to personal privacy. As a result, the PCPD directed Worldcoin to cease its cryptocurrency project operations in Hong Kong.
Similar concerns have been raised by regulators in Europe. They are apprehensive about how the collected data might be misused, leading to further scrutiny of Worldcoin’s practices. Worldcoin’s ambition of developing a global identification and financial network, using biometric data on a large scale, has sparked a broader debate on the ethical and security implications of such practices.
The Kenyan government has also taken action against Worldcoin. They issued a directive to halt the project’s registration of new members due to concerns over data protection. Large numbers of Kenyans were queuing at Worldcoin’s registration centers, driven by economic hardship and the appeal of receiving free cryptocurrency tokens. The government became concerned about the security implications of crowded lines and decided to intervene. They initiated an investigation into Worldcoin’s operations, focusing on the storage and control of biometric data by a private entity. Additionally, the Kenyan Capital Markets Authority noted that Worldcoin is not a regulated entity in the country.
In Portugal, the data protection authority (CNPD) has issued a temporary ban on Worldcoin’s collection of biometric data. The CNPD’s investigation revealed compliance issues with the General Data Protection Regulation (GDPR), including the absence of age verification, challenges in the exercise of the right to erasure, and the collection of children’s biometrics without legal consent. The CNPD’s decision aims to address these breaches and protect individuals’ rights and privacy. Compliance with GDPR standards is crucial, especially when dealing with the sensitive nature of biometric data.
In conclusion, Worldcoin’s lack of acceptance all around the world can be attributed to concerns regarding privacy, data protection, and compliance with international regulations. These concerns have led to enforcement actions and regulatory scrutiny in various countries, preventing the cryptocurrency from achieving its goal of global acceptance.