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Worldcoin faces worldwide bans

Worldcoin, a cryptocurrency project known for its controversial biometric data collection practices, is facing a potential ban as global regulators express mounting concerns over privacy and artificial intelligence (AI) implications. This development highlights the increasing scrutiny that digital asset projects face in their efforts to navigate the complex regulatory landscape.

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Worldcoin, a cryptocurrency project known for its controversial biometric data collection practices, is facing a potential ban as global regulators express mounting concerns over privacy and artificial intelligence (AI) implications. This development highlights the increasing scrutiny that digital asset projects face in their efforts to navigate the complex regulatory landscape.

The project’s primary objective involves distributing digital tokens to individuals worldwide in exchange for their biometric data, a move that has sparked significant debate and criticism. Critics argue that such practices pose serious privacy risks and could lead to the misuse of sensitive personal information.

The regulatory backlash against Worldcoin is part of a broader trend where authorities are tightening regulations on AI and data privacy. Governments and regulatory bodies are becoming more vigilant about how companies collect, store, and use personal data, especially when advanced technologies like AI are involved.

In response to these concerns, several countries are considering implementing stricter regulations or outright bans on projects like Worldcoin. The European Union, known for its rigorous data protection laws, has been particularly vocal about the need for stringent oversight. EU officials have cited potential violations of the General Data Protection Regulation (GDPR) as a key reason for their stance against Worldcoin.

The project’s founders argue that Worldcoin aims to create a more inclusive financial system by providing digital currency access to underserved populations. However, the growing regulatory pressure could significantly hinder their ambitions. Worldcoin has stated that they are committed to complying with all applicable regulations and ensuring that their operations are transparent and secure.

As the debate over privacy and AI regulation intensifies, the outcome for Worldcoin remains uncertain. This situation underscores the challenges that innovative projects face in balancing technological advancement with ethical considerations and regulatory compliance. The evolving landscape will likely shape the future of digital currencies and their integration into the global financial system.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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