- Data privacy issues with Worldcoin have prompted investigations and suspensions in Spain, Germany, and other countries.
- Worldcoin has agreed to halt all data collection in Spain until the end of 2024.
- Despite these challenges, Worldcoin's user base and transaction volume continue to grow.
- In the short term, Worldcoin's outlook appears bearish.
- However, due to user growth and potential technical breakouts, Worldcoin's price could potentially increase by at least 114%.
Since its official debut in 2023, Worldcoin has faced significant scrutiny from governments worldwide. This human identity project is currently under investigation by data protection authorities in Germany, Spain, Hong Kong, Kenya, India, and numerous other countries.
Let's explore the latest developments surrounding Worldcoin and assess whether its native cryptocurrency, $WLD, is truly on the brink of collapse.
The Spanish Data Watchdog’s Decision
One of the most notable legal challenges for Worldcoin has emerged from Spain. Recently, Worldcoin consented to suspend all operations within Spain until the end of the year. This decision could potentially set a precedent, as other nations may follow Spain's example.
The Spanish Agency for Data Protection (AEPD) announced this agreement in a press release, stating that Worldcoin is now prohibited from collecting, processing, or transmitting human data within Spanish borders. This suspension will remain in effect until the ongoing investigation reaches a conclusion.
Moreover, Worldcoin is also under scrutiny by the German data protection agency of Bavaria, the Bayerische Landesamt für Datenschutzaufsicht (BayLDA). The BayLDA is conducting an active investigation to ensure that Worldcoin complies with data protection regulations. Many European data regulatory bodies are closely monitoring Worldcoin, raising concerns about the project's long-term viability.
Worldcoin’s Response
In response to these regulatory challenges, Worldcoin has implemented several measures to address compliance issues. These include open-sourcing its biometric data system, deleting old iris scans, and allowing users to securely manage their data. Additionally, Worldcoin has introduced methods to verify the age of its users.
Despite these efforts, Worldcoin continues to face regulatory pressure, such as the recent directive from Hong Kong authorities to cease all operations involving face and iris scans.
Interestingly, despite these hurdles, Worldcoin has shown resilience. In April 2024, the project achieved an all-time high of approximately 10 million users and 70 million transactions.
Furthermore, Worldcoin has launched its own blockchain, the "World Chain," signaling a commitment to growth despite the regulatory challenges.
Is $WLD Finished?
According to CoinMarketCap, Worldcoin's value has increased by about 4% over the past day, though it remains bearish on weekly and monthly charts.
Worldcoin's price movements suggest a period of consolidation above an ascending trendline. The Relative Strength Index (RSI) indicates that the bulls may have a chance to counteract the bearish trends. A potential price surge could see Worldcoin's value increase by as much as 114%, potentially reaching the $12 mark.
Conclusion
Worldcoin is navigating a complex regulatory landscape but continues to demonstrate significant growth and resilience. While the future of WLD is uncertain, its current trajectory and user engagement indicate that it may not be finished yet.
Disclaimer
Voice of Crypto strives to provide accurate and timely information but is not responsible for any omissions or inaccuracies. Cryptocurrencies are highly volatile financial assets; please conduct your own research and make informed financial decisions.