Court Denies Sam Altman’s Worldcoin Ban Lift Plea, WLD Price To Drop?

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On Monday, Spain’s High Court upheld the temporary ban on an iris-scanning initiative by Tools for Humanity despite an appeal from the owner of Worldcoin. Moreover, the court underscored the importance of safeguarding the “public interest” in its decision.

Spain Sustains Temporary Ban On Worldcoin

The Spain High Court alzl asserted that Tools for Humanity would be reimbursed for any financial losses if the ban were lifted in the future, rejecting the appellant’s argument of “irreparable” harm. Earlier, Sam Altman’s Worldcoin had taken legal action against the Spanish data protection regulator on Friday after being barred from operating in Spain.

The dispute stems from Worldcoin’s goal to create a global identity system, where people undergo iris scans in exchange for cryptocurrency and a digital ID. Following the ban by Spain’s data protection regulator, the AEPD, Worldcoin has been instructed to stop collecting personal data and using any already gathered information.

Furthermore, Worldcoin disagreed with the AEPD’s instructions, claiming that the regulator was bypassing EU laws and spreading false information about their technology. In addition, Worldcoin argued that the regulator didn’t follow established EU rules and GDPR regulations without providing details. The lawsuit, filed as a motion to suspend the AEPD’s order, has been submitted to the Administrative Chamber of Spain’s High Court.

Acknowledging the legal challenge, Worldcoin has paused all World ID verification services in Spain, where people can undergo iris scans using the company’s “orb” devices. Despite attracting over 4 million participants from 120 countries for iris scans, the project faces criticism from privacy advocates globally over concerns about the collection, storage, and use of personal data.

Also Read: Crypto Headlines of The Week: Bitcoin, Shiba Inu, & Worldcoin Spark Optimism

Will WLD Price Drop?

While the aforementioned negative development could push the Worldcoin crypto price lower, the exact opposite happened. The WLD price rebounded from the recent declines and registered a notable gain today. At press time, the Worldcoin price was up by 1.91% to $9.84 on Monday, March 11.

Meanwhile, the WLD displayed a market cap of $1.46 billion. In contrast, the 24-hour trade volume plunged 30.64% to $939.23 million. Whilst, the WLD crypto surged to a high of $10.26 today despite the bearish turn initially.

However, the correction noted earlier today could be seen as a positive pullback since the WLD crypto soared 285% in a month. In addition, the Worldcoin crypto rallied over 22% in the last seven days.

Also Read: Worldcoin (WLD) Price Soars 45% As Sam Altman Welcomes OpenAI Board Members

The post Court Denies Sam Altman’s Worldcoin Ban Lift Plea, WLD Price To Drop? appeared first on CoinGape.

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