Following the announcement of Hong Kong’s ban on Worldcoin’s biometric data collection, the value of Worldcoin (WLD) temporarily dropped to $4.93 before resurging to $5.12 at press time.

With the sudden plunge below $5 sent shockwaves across the community of WLD holders, who are closely monitoring the situation amidst regulatory scrutiny and concerns over data privacy practices.

Notably, the ban adds to the challenges faced by Worldcoin, which has already encountered regulatory obstacles in other jurisdictions such as Kenya, Spain, Portugal, and Buenos Aires.

However, despite the regulatory setbacks, Worldcoin’s user base continues to grow, with its World App wallet reaching 10 million users in less than a year.

Tools for Humanity (TFH), which is the company behind the Worldcoin project, has made efforts to address privacy concerns, including the recent open-sourcing of its ORB technology and enhancements to user data control features.