On March 26, 2024, the CNPD ordered Worldcoin to suspend data collection activities for a period of 90 days, citing concerns about user privacy and possible violations of regulations. The move comes amid scrutiny over Worldcoin’s iris scanning technology and its proposed cryptocurrency-powered global digital identity system.
Worldcoin, the “personality proof” project that awards crypto tokens through iris scanning to verify people’s humanity, faces a new hurdle in Europe. A Portuguese regulator has issued an order to stop the collection of biometric data after more than 300,000 Portuguese citizens provided their data to the project.
The Reuters report indicates that the Portuguese data regulator, the CNPD, has expressed concern about the high risk to citizens’ data protection rights, thus justifying urgent intervention to prevent serious damage. This action comes on top of Worldcoin’s previous ban in Spain, where it was also ordered to stop operations for three months.
The order from the Portuguese regulator underlines the importance of safeguarding privacy. as well as data protection rights amid growing concerns about the collection and use of personal information in emerging technology projects. Although Worldcoin claims to have more than 4.5 million records in 120 countries, its data collection practices have raised concerns among authorities and privacy advocates.
Philippine Regulators Stop Access to Binance for Operating Illegally in the Country
The Philippine Securities and Exchange Commission has taken action against leading cryptocurrency exchange Binance by blocking access to local traders. According to authorities, Binance operates illegally in the country as it lacks the required license.
The standoff between Binance and Philippine authorities has reached a critical point. The regulator has stated that the platform is not authorized to operate in the Philippines. And, it is attracting the country’s population to its securities buying and selling services without the proper license.
The SEC of the Philippines has reported that Binance actively uses advertising campaigns on social media to attract Filipinos to participate in investment and trading activities. But, the platform does not have the necessary license to request public investments or to operate a securities exchange in the country.
IMF Highlights Potential of Digital Money to Improve Financial Inclusion in the Pacific
The International Monetary Fund (IMF) has noted that digital money, both public and private, could be a crucial tool to improve financial inclusion. As well as the quality of financial services in the most remote and dispersed nations of the Pacific Ocean.
The recently released report by the IMF highlights the potential role of stablecoins and central bank digital currencies (CBDCs) in the economies of Pacific Island countries.
Spanish Bank Launches Pioneering Cryptocurrency Investment Fund
Renta 4 Banco marks a milestone in Spanish finance by presenting its most recent investment fund to the CNMV. Under the name Renta 4 Cripto FIL, this fund is distinguished by its exclusive focus on cryptocurrencies. As revealed in its official brochure published on March 15, 2024.
With at least 90% of its assets allocated to cryptocurrencies, Renta 4 Cripto FIL will take advantage of financial instruments without implicit derivatives to offer flexibility and liquidity to investors. This approach, based on ETP, ETC, ETN and ETF, ensures prices determined by third-party trades with robust trading volume.
The launch comes at a time when almost 70% of Spanish investors in crypto assets are contemplating increasing their investments, as revealed in the registration document.
By Leonardo Perez
