Worldcoin Price Falls 5% After Kenya Rejects US Plea

Worldcoin WLD

Kenya has said no to a request from the US government to restart activities for the cryptocurrency project Worldcoin.

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On Friday, Worldcoin prices fell as Kenya’s government made a decision to decline pressure from the US government regarding the resumption of Worldcoin’s operations. Reports from local media indicate that Kenya has refused a request from the US government to lift the suspension of Worldcoin’s cryptocurrency project.

Worldcoin Faces Resistance in Kenya

Despite support from Sam Altman, Worldcoin is encountering challenges in Kenya as the country persists with its ban on the project. According to reports from Business Daily Africa, Kithure Kindiki, the Interior Cabinet Secretary, revealed to the Kenyan Parliament that the government intends to maintain the prohibition on Worldcoin’s operations, initially imposed in August 2023.

US Pressure and Kenyan Response: Prof. Kindiki, addressing the National Assembly’s committee on public petitions, disclosed that Kenya has been subjected to pressure from the US administration to lift the suspension on Worldcoin. Despite this pressure, the Kenyan government remains firm in its decision to uphold the ban on the cryptocurrency project.

Kenyan Parliamentary Committee’s Call for Action

Previously, a parliamentary committee in Kenya strongly recommended an immediate halt to the Worldcoin cryptocurrency project. This swift action was prompted by growing concerns over user privacy and the urgent need for robust legislation. In August of the preceding year, the Kenyan government boldly decided to suspend the Worldcoin program in response to these concerns.

Worldcoin has faced penalties for data security issues in various jurisdictions. The Spanish data protection authority, the AEPD, directed Worldcoin to cease collecting personal data in the country and to halt the use of any data it had already gathered. Similarly, the South Korean organization PIPC initiated an investigation into the project following complaints regarding the collection and utilization of personal data, especially concerning iris and face scans. The panel expressed concerns about potential violations of the Personal Information Protection Act. Additionally, the Hong Kong Privacy Commissioner’s Office (PCPD) launched a similar inquiry at six Worldcoin locations in Hong Kong to assess potential privacy risks.

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Worldcoin’s Response: Currently, Worldcoin plans to eliminate the option for customers to encrypt and store their biometric data.

WLD Prices Experience Decline

WLD prices have experienced a downturn of almost 5% over the past 24 hours. At the time of reporting, the price stood at $7.95, marking a decrease of nearly 3% within the last 24 hours.

Comparatively, the trading volume for WLD has dropped by 28% to $289.2 million in the same period. This decline in price and trading volume has been consistent throughout the week, with WLD down by 12% over the past seven days.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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