Worldcoin (WLD) Investigated by South Korea’s Personal Information Protection Commission

Amid privacy concerns, South Korea’s Personal Information Protection Commission has launched an investigation into Worldcoin’s data collection practices.

The Personal Information Protection Commission (PIPC) of South Korea has officially announced started investigation into the cryptocurrency project Worldcoin (WLD) over concerns about its data collection methods, which included the collection of iris information. The commission detailed its course of action on March 4, 2024, following a series of citizen complaints about the privacy implications of Worldcoin’s operations.

Worldcoin has come under scrutiny for collecting biometric data at various locations in South Korea. The PIPC investigation will focus on compliance with the ‘Personal Information Protection Act’, in particular the collection and processing of sensitive data and the potential transfer of personal information overseas.

The PIPC, chaired by Go Hak-soo, confirmed that Worldcoin affiliates are actively accumulating facial and iris recognition data at approximately ten sites across the nation. The commission’s proactive approach underscores its role as a guardian of privacy in South Korea, reflecting growing global concern about the intersection of privacy and technology in the digital age.

This news is particularly important in the cryptocurrency and blockchain sectors, where the balance between innovation and user privacy is often debated. With the rise in popularity of cryptocurrencies and the increasing prevalence of blockchain technology in various aspects of everyday life, the PIPC’s actions may set a precedent for how similar cases can be handled globally.

As the investigation unfolds, the commission plans to scrutinize the extent of data collection, the security and consent protocols in place, and whether Worldcoin’s activities comply with South Korean laws governing the protection of personal information. Upon detection of violations, PIPK undertakes to take appropriate measures according to the applicable legislation.

Given the complexity of international law and the digital nature of cryptocurrency projects, which often operate across traditional borders, the PIPC investigation into Worldcoin may also spark further discussions about international cooperation and regulation in the digital currency space.

This development serves as a reminder to all entities operating in the blockchain and cryptocurrency industries of the importance of complying with local privacy laws and regulations. As digital currencies continue to evolve, the need for clear guidelines and compliance with privacy standards becomes increasingly important to ensure that people’s personal information is protected.

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