According to Hong Kong, Worldcoin (WLD) is banned below $ 5

• The authorities of Hong Kong have instructed Worldcoin (WLD) to set the collection of biometric data in the country.
• Despite the regulatory setbacks, the user base from WorldCoin has grown to 10 million users.
• The price of WLD fell temporarily below 5 USD

The office of the data protection officer for personal data (PCPD) in Hong Kong has published a published Directive to set the operation of Worldcoin (WLD) in its area of ​​responsibility.

The arrangement follows concerns that the PCPD has expressed with regard to the recording of biometric data, especially iris scans, through WorldCoin as part of its identity review process.

The PCPD considered this data collection to be exaggerated, unnecessary and unjust and violated the data protection regulation Hong Kongs.

The examination reveals a violation of data protection principles

The examination of the PCPD initiated in January 2024 covered several violations of WorldCoin against data protection principles.

In particular, the participants had to present facial and iris pictures for identity checking in order to obtain WorldCoin tokens.

The PCPD considers this data collection to be unnecessary and excessive, which caused concerns regarding the data protection risks in connection with the storage and processing of sensitive biometric data.

In addition, the failure of Worldcoin, appropriate information in Chinese, the main language of many participants, exacerbated the regulatory problems.

On the basis of these findings, the data protection officer for personal data, Ms. Ada Chung Lailing, has delivered a asset announcement to the Worldcoin Foundation in which it proves to set all processes related to scanning and collecting biometric data in Hong Kong.

The non -compliance with this guideline could lead to further official measures against the cryptocurrency project.

Effects on the price of Worldcoin (WLD).

After the announcement of Hong Kong to prohibit the recording of biometric data by Worldcoin, the value of Worldcoin (WLD) temporarily fell to $ 4.93 before increasing again to $ 5.12.

The sudden slump below $ 5 triggered shock waves in the community of WLD owners. In view of the official checks and concerns regarding data protection practices, they observe the situation carefully.

The ban in particular exacerbates the challenges for Worldcoin, which has already come across regulatory obstacles in other countries such as Kenya, Spain, Portugal and Buenos Aires.

Despite the regulatory setbacks, the user base of Worldcoin continues to grow. The World App Wallet reached the number of 10 million users in less than a year.

tools for humanity (TFH), the company behind the WorldCoin project, has made efforts to clear out data protection concerns, including the Recent open sourcing of its ORB technology and improvements in the user data control functions.