Cryptos: Worldcoin (WLD) raises regulatory concerns in France

Launched last Monday, July 24, Worldcoin (WLD) is popular with several million crypto users around the world. The asset nevertheless raises questions about its individual identification process which, a priori, does not protect the privacy of users. In particular, that of those who are not American.*

The French data protection authority, not convinced by Worldcoin (WLD)

It was foreseeable that other regulators would take a close interest in Worldcoin (WLD) as we indicated to you recently. Indeed, the asset promoted by OpenAI’s Sam Altman has recently caught the eye of UK regulators who doubt its legality. The trend is now the same in France.

Friday July 28, the National Commission for Computing and Liberties (CNIL) also spoke about the Worldcoin. Questioning the legality of its procedures for identifying users, the French data protection authority has opened an investigation.

The CNIL is particularly skeptical of the identification verification process put in place by the project promoter. A technical formality based on the collection of users’ biometric data, via the scanning of their iris.

The legality of this process is all the more questionable as it is not carried out in an entirely altruistic manner. Indeed, the collection of this data is carried out in exchange for “free” cryptos or digital identity documents. In addition, it excludes US users. These are more attentive to issues related to the management of their biometric data.

It is therefore logical that the CNIL launched investigations. These proved to be beyond his competence. These fall more under the authority of the State of Bavaria, in Germany, so it is the Bavarian authorities who are investigating. For now, we can only cross our fingers to see what would come of it as a conclusion.

Faced with the multiplication of doubts around their project, the stakeholders of Worldcoin (WLD) came out of silence. According to them, the asset is “designed to protect the privacy of individuals and has a strong protection program in place” of it. In fact, crypto would comply “to all laws and regulations governing the processing of personal data in the markets”. This, in all the places of the globe where it is available.

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