Crypto Legislation Passes House Financial Services Committee

• French authorities launch probe into Worldcoin over data collection practices
• Controversial project has drawn criticism over its iris scan technology
• CNIL is collaborating with Germany’s regulator to investigate the project

French Authorities Investigate Worldcoin

French privacy regulator, CNIL, is conducting an investigation into the controversial Worldcoin project. The focus of this investigation is the legality of their data collection and storage practices. These concerns were raised as a result of their iris scanning technology that has come under intense scrutiny from multiple parties.

CNIL Collaborates with German Regulator

In order to properly assess the legality of Worldcoin’s practices, the CNIL is collaborating with its German counterpart as it oversees the project in Europe. The watchdog stated “The legality of this collection seems questionable, as do the conditions for storing biometric data.” Additionally, Worldcoin is also being investigated by U.K regulators for similar reasons.

Worldcoin Foundation Responds

The Worldcoin Foundation responded to CryptoSlate’s inquiry about these investigations via email stating that they are complying with all laws and regulations governing processing personal data. They also added that they are confident they will be cleared by both regulators soon and that customers should rest assured knowing their data is safe and secure with them.

What This Means for Investors

These investigations have serious implications for investors in this project as it could lead to a significant drop in value if found guilty by either regulator or other authorities. It also raises questions about the veracity of their claims regarding security and privacy protocols which could have far reaching consequences for users who trust them with their sensitive information such as financial details or biometric scans.

Conclusion

It remains to be seen how these investigations will pan out but one thing is certain: there needs to be more clarity on how projects like Worldcoin handle customer data if they wish to remain compliant within existing regulations and laws in different countries around the world.