HomeNewsWorldcoin (WLD) Price at Risk: Portugal Legal Obstacle Spurs Market Concerns

Worldcoin (WLD) Price at Risk: Portugal Legal Obstacle Spurs Market Concerns

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  • Worldcoin’s biometric data collection has been put on hold for ninety days by the Portuguese CNPD on data protection concerns.
  • Worldcoin’s pricing and market activity show strong investor interest despite legal hurdles.

Portugal’s data protection authority, CNPD, has initiated a temporary halt on Worldcoin’s iris-scanning operations, invoking data protection concerns amidst the project’s rapid growth, which was echoed by popular crypto YouTuber Ajay Kashyap.

This 90-day suspension reflects growing concerns about the privacy of citizens, especially in light of the membership of more than 300,000 Portuguese citizens.

Worldcoin’s Dedication to Following the Law

The CNPD’s intervention is a result of increased dangers related to the protection of personal data, bringing to light problems such as the collecting of data from minors without authorization, unclear participant information, and the difficulty of reversing consent and withdrawing data.

Thus, prompt preventive action is required in response to these growing complaints in order to lessen the likelihood of data privacy violations.

Jannick Preiwisch, the data protection officer for the Worldcoin Foundation, has informed stakeholders that the project is committed to adhering to strict data protection regulations, including the GDPR. The organization is actively working with CNPD to resolve misunderstandings and improve procedures around the involvement of minors.

As ETHNews has reported, Worldcoin has faced serious legal challenges this month in a number of nations, including South Korea, Kenya, and Spain. As a result, the project’s compliance with international regulations is now in doubt.

These difficulties have affected the dynamics of the Worldcoin market, especially the significant decline in the value of its digital token, WLD, after Spain’s ban.

According to previous ETHNews reports, Worldcoin previously reached a significant milestone in Argentina, where the project successfully verified 500,000 World IDs, signaling a record surge in adoption and engagement there.

A Glimmer of Hope in Market Sentiment

But, Worldcoin’s market resilience is evident through a recent 8.07% surge in WLD’s value over the last day, with the token now priced at $9.24. A glimmer of hope is present despite the project’s regulatory and legal obstacles, thanks to a 9.08% increase in market capitalization and a notable 58.54% increase in trading volume.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628