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Colombia’s Superintendency of Industry and Commerce (SIC) has served Worldcoin with a letter to the country’s data protection law. The issues concerning the privacy of the customers were also arising from how Worldcoin was collecting and processing personal data, the biometric data for that matter in the form of iris scans without appropriate authorization and disclosure.
This alleged violation of the privacy regulations shows the necessity of obtaining informed consent, particularly as far as personal data is concerned, and can have implications for WW, including fines and alteration of their handling of the data in Colombia.&nbsp;
&nbsp;Worldcoin founded Worldcoin with the help of which a global digital identification system based on biometric data was planned, and its data collection methods have been criticized worldwide. The SIC’s notification is just a part of a global trend because regulators are studying the illegality and the unethical nature of Worldcoin’s strategies.
What happens next may provide the basis for the treatment of other related organizations also conducting business in Colombia and other territories in the context of how special information about individuals is to be protected.&nbsp; Alleged Breach of Data Privacy Regulations 
&nbsp;The SIC’s probe concerns Worldcoin’s practice of gathering iris scans, which the company turns into a user’s digital identity. The Colombian authorities claim that in the case of Worldcoin, the project did not disclose proper information concerning the utilization of data collected from its users significantly violating the Colombian legislation on the protection of data.
However, particularly, the regulator has identified the absence of express consent from the users as a concern since consent has been one of the fundamentals of data protection in Colombia.&nbsp;
&nbsp;It is essential for proper consent to be exercised which, according to the regulator’s notice, should be particularly so when dealing with biometric information. However, Worldcoin’s operations very well could violate Colombia’s strong <a href="https://news.todayq.com/wp-content/uploads/2021/01/Dedicated-office-for-blockchain-to-Bittrex-delisting-privacy-coins.png" rel="noopener noreferrer nofollow">privacy</a> laws, the SIC says, which mandate that companies must obtain prior informed consent before collecting and processing personal data.
This notification is part of the global regulatory push to question Worldcoin’s approach to data collection, with regulators worldwide directing a keen interest to the user data that the company is accumulating. Potential Consequences for Worldcoin&nbsp; 
&nbsp;This is because the penalties which the SIC may pronounce on Worldcoin could be severe should the company be found to have violated the provisions of the Colombian law on data protection. The fines, for instance, could run to tens of millions of dollars, while certain changes to data collection and processing capabilities could be permanent to ensure compliance with local laws.
Besides, the same case could be a basis for regulators in Colombia and potentially other Latin American countries to consider how the companies operating in the digital identity sector should be controlled.&nbsp;
&nbsp;The organization known as Worldcoin, which seeks to give everyone in the world an identity at the biometric level, has attracted more and more criticism since its founding. The fact that the company collects people’s iris scans to create a ‘digital identity’ seems to have triggered some concern among several privacy activists and legal bodies.
Some critics have accused the government of concentrating such sensitive data in a single point, which they say exposes the information to misuse or hacking.&nbsp; Global Implications and Next Steps 
&nbsp;SIC was no different, and it recently published a notification with the text “Worldcoin is collecting and processing data” written on it becoming one among many regulatory bodies across the world targeting the digital currency company’s data collection exercise.
&nbsp;&nbsp;The firm is currently facing probes in several other countries, with German regulators and those from the United Kingdom particularly questioning the lawfulness and morality of Worldcoin’s data-gathering practices.&nbsp;
&nbsp;Interviewing Worldcoin, the issues with authorities are escalating, and the company seems to have to change its approaches to meet the existing trends in the protection of users’ personal data around the world. Colombian Worldcoin has an opportunity to address the SIC’s claims in which, of course, they will have to describe the process by which they collect data as well as mitigations they have implemented to ensure users’ privacy.
This is the case of Worldcoin in Colombia which brings other questions to the debate of bitcoin operations and legal standards. In the same way that El Salvador’s audacious <a href="https://news.todayq.com/updates/solana-outperforms-bitcoin-after-major-setback/" rel="noopener noreferrer nofollow">Bitcoin</a> plan is raising questions about financial stability and risk, Worldcoin’s method of gathering biometric data is now being criticised for possible infringement of data protection guidelines.
Concerning Colombia’s Superintendency of Industry and Commerce (SIC), the organisation has raised issues over the use of biometric data such as the iris scans although the Worldcoin never seek explicit user permission. This reflects the situation with many digital projects worldwide, where incorporation of new technologies happens at the conflict with established legal systems. As much as El Salvador’s Bitcoin purchases are being analyzed for economic effects, Worldcoin’s data collection raises the importance of the legal frameworks governing emerging fields.
The legal issues that Worldcoin might encounter can establish specific trends in data privacy in digital identity markets, along with El Salvador’s cryptocurrency policies being an indication of the global outlook on the cryptocurrency market. The solutions of these problems, are likely to affect the growing market of cryptocurrencies and the field of digital privacy in general.
&nbsp;Of course, as time goes by, Worldcoin will have to deal with these issues and adapt to them as a strong signal to regulators and legal entities. If Colombia finds foul play in Worldcoin’s practices, it could affect the company’s operations around the world, and the wider digital identity sector, particularly regarding data processing and privacy.

Colombia Notifies Sam Altman’s Worldcoin of Data Violations

Todayq News

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