$1.2 million fine against Worldcoin (WLD) in Argentina
The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires issued an order of indictment against Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights
World Coin (WLD) is a popular cryptocurrency project in this crypto sector. This project entered the crypto sector with the concept of decentralized human identity verification. OpenAI founder Sam Altman is the founder of WorldCoin and he believes that WorldCoin will help internet users as well as companies in the future to distinguish humans & AI bots easily.
With the help of a device called Orb, the Worldcoin protocol collects users' biometric details. However, the Worldcoin project team always claimed that they do not use collected data but the protocol will use that data in the future under a decentralized environment. But many times, many experts raised questions about the safety of people's sensitive data.
Some security experts believe that there are huge chances that a minor hack or any kind of exploit of the WorldCoin protocol will lead to the loss of users' sensitive data as well as it may lead to huge financial loss.
Since the launch of this cryptocurrency project, many government agencies in multiple countries have jumped against this project due to safety concerns related to citizens from human identity theft.
The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires issued an order of indictment against Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights.
An investigation found that parts of the contracts users sign are unfair or harmful. This means there are clauses in the contracts that might not treat users fairly or could be abusive in some way. So, Argentina is stepping in to address these issues.
