On March 3, the Personal Information Protection Commission (PIPC) of South Korea announced the initiation of an investigation into Worldcoin. The authority plans to thoroughly analyse the company's activities within the country. The price of the WLD token did not react much to this news but corrected due to Bitcoinโs volatility. It is currently trading at around $6.8.
Read our recent breakdown of the Worldcoin project.
Worldcoin vs. regulators
According to the press release, the PIPC will investigate whether Worldcoin is operating in compliance with local privacy laws. The commission will scrutinise how Worldcoin collects, processes, and stores users' personal data. The statement also indicated that the company conducts its iris scans at 10 locations within South Korea.
It is important to clarify that this is just a check; there is no talk of suspending Worldcoin in South Korea, at least not yet.
This is not the first time regulators from different countries have paid attention to Sam Altman's project. For example, on January 31 of this year, watchdogs in Hong Kong began an investigation into possible violations of regulations concerning the storage of biometric information. Additionally, in August 2023, regulators in Kenya, France, the UK, and Germany expressed their interest in the project. Overall, their claims revolve around the non-transparent collection and storage of biometric data.
WLD's price does not react to negativity
WLD has shown excellent growth this year. In February, the coin's price rose by 219% from $2.296 to $7.329, setting a new all-time high (ATH) of $9.45 on February 25.
Until yesterday, the price was in a sideways movement without any particular reaction to the PIPC press release. This could be attributed to the fact that when the crypto market is euphoric, market participants tend to take more risks, and such news does not really affect the price. At the moment, on the back of yesterday's ATH update of Bitcoin at $69.170 and the subsequent price drop, WLD has corrected and is now trading around $6.8.
๐ You might also like:
What is Worldcoin, and what's the deal with WLD cryptocurrency
Whatโs the deal with Sam Altman, Open AI, WLD, and AI-related coins
