Worldcoin aims to create a global identity system, and involves people getting their irises scanned in exchange for free cryptocurrency and a digital ID.
The AEPD, Spain's data protection regulator, said on Wednesday it demanded Worldcoin immediately cease the collection of personal information and stop using data it has already gathered.
This is a temporary move as the company is working on developing a bespoke solution to ease registrations in the country. Worldcoin was unable to foresee and handle the huge demand and crowd at Orb locations, sources privy to the developments told Moneycontrol.
The company is raising funds by selling the project’s crypto tokens at a discounted rate, according to The Block.
Following the announcement of Altman's ouster, the iris-scanning crypto venture, Worldcoin, experienced a 12 percent decline in value
Worldcoin says 2.2 million have signed up, mostly during a trial period over the last two years.
Worldcoin says it wants to ID humanity, but it needs more regulatory scrutiny first
The Worldcoin protocol also has its own digital currency, WLD token, which will be initially distributed among users for free as they sign up, defining that they are unique humans, and the currency can be used for transactions and payments through a World-ID compatible app called World App.