Court Denies Sam Altman’s Worldcoin Ban Lift Plea

Worldcoin

Despite an appeal by Worldcoin’s owner, Sam Altman, Spain’s High Court imposed a temporary ban on Tools for Humanity’s iris-scanning effort on Monday. Furthermore, the court emphasized the necessity of protecting the “public interest” in its conclusion.

Spain Sustains Temporary Ban on Worldcoin

The Spanish High Court ruled that Tools for Humanity would be compensated for any financial damages incurred if the prohibition were repealed in the future, dismissing the appellant’s claim of “irreparable” harm. Sam Altman’s Worldcoin had already initiated legal action against the Spanish data protection authorities on Friday, after being forbidden from functioning in Spain.

The disagreement originates from Worldcoin’s ambition to establish a worldwide identification system in which users submit iris scans in return for money and a digital ID. Following restrictions imposed by Spain’s data protection body, the AEPD, Worldcoin, has been directed to cease acquiring personal data and use any previously collected information.

Worldcoin Halts All World Id Verification Services

Furthermore, Worldcoin objected to the AEPD’s directives, stating that the regulator was violating EU regulations and spreading misleading information about their technology. In addition, Worldcoin claimed that the regulator failed to follow established EU norms and GDPR legislation without offering specifics. The action, filed as a petition to suspend the AEPD’s order, has been filed with the Administrative Chamber of Spain’s High Court.

Recognizing the legal threat, Worldcoin has halted all World ID verification services in Spain, where customers may undergo iris scans with the company’s “orb” devices. Despite drawing over 4 million iris scan participants from 120 countries, the initiative has been criticized by privacy experts throughout the world for raising concerns about the gathering, storage, and use of personal information.

Will WLD Price Drop?

While the aforementioned unfavorable event had the potential to drive down the Worldcoin crypto price, the reverse occurred. The WLD price recovered from previous losses and posted a significant rise today. At press time, the Worldcoin price was up 1.91% to $9.84 on Monday, March 11.

Meanwhile, WLD had a market capitalization of $1.46 billion. In comparison, 24-hour trading volume fell 30.64% to $939.23 million. The WLD cryptocurrency climbed to a high of $10.26 today, despite an initial negative swing.

However, the drop notice earlier today may have been interpreted as a positive reaction since the WLD cryptocurrency has risen 285% in a month. In addition, the Worldcoin cryptocurrency has gained more than 22% in the previous seven days.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.

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