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Worldcoin faces increasing regulatory scrutiny as Argentina explores its operations

Worldcoin, a well-known cryptocurrency project, was an elaborate subject investigation From the Argentine Agency for Access to Public Information (AAIP). The action is part of a larger trend in which other countries around the world are looking at project operations.

The AAIP study is primarily concerned with a comprehensive assessment of the data security measures Worldcoin has put in place. The primary goal of AAIP is to protect user privacy within the borders of Argentina.

Controversy surrounding Worldcoin’s practice of asking people for iris scans in exchange for tokens has drawn attention to this case. Several locations in the city of Buenos Aires and several districts recorded these events.

Worldcoin Legal Obligations

organizations like worldcoin Required by law to register with AAIP according to the rules. In addition, they must provide a clear explanation of their data handling procedures, explain why sensitive data is being collected, and specify how long that data will be kept on file.

Strict information regarding security measures in place to protect personal data is also required by regulations. The AAIP examination is a proactive step in assessing Worldcoin’s assertions that it is in compliance with relevant data protection legislation, such as the Personal Data Protection Act of Argentina.

With a total of more than 2 million account subscriptions, the Worldcoin token project, which debuted in July, has attracted huge interest. However, the project’s data collection techniques have generated a great deal of discussion, prompting regulatory organizations in many countries to initiate inquiries about the project’s compliance with privacy laws.

WLDUSDT trading at $1.679 on the daily chart:

Sam Altman, one of the co-founders of the Worldcoin project, has publicly stated that the noble goal of the organization is to enroll 2 billion people. However, the project has faced controversy in a number of countries due to its intrusive requests for personal information, particularly the controversial practice of scanning one’s iris to verify identity.

Growing concerns about Worldcoin

The case in the South American country is just one of several ongoing investigations into the operations of the Worldcoin Foundation. The company’s data handling procedures have also drawn criticism from regulators in France and Bavaria.

The project has stopped verification work in Kenya since August 2, adding to the initiative’s difficulties. The situation escalated on August 6, when Kenyan police stormed Worldcoin’s offices, seizing devices used to store users’ data.

A Worldcoin iris-scanning orb. Source: The Block

Naturally, these changes had a significant impact on the price of the token, which is currently trading at $1.69. According to the latest on-chain data, this represents a decrease of 6.6% over the past 24 hours.

The AAIP investigation aligns with a growing understanding among international regulators that protecting user privacy is paramount, especially when dealing with sensitive information such as biometric data.

The Worldcoin system is still in its infancy, although it has been subject to bans from several countries. In the face of the challenges arising from these legislative constraints, adoption of the project in other areas may help support the expansion of the project in the near future.

Featured image from Crypto News

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