Argentina’s Data Privacy Agency Investigates Worldcoin

The government agency in charge of data privacy in Argentina is conducting an investigation into the Worldcoin (WLD) project, which uses eye-scanning technology to facilitate cryptocurrency transactions.

The Agency of Access to Public Information (AAIP) is concerned about the collection, storage, and usage of personal information by the Worldcoin Foundation in Argentina.

This investigation follows a similar probe by France’s privacy watchdog, the CNIL, which has raised questions about the legality of the biometric data collection involved in the Worldcoin project.

In late July, the Information Commissioner’s Office (ICO), the data regulator in the UK, released a statement stating that it would investigate the launch of Worldcoin in the country.

Worldcoin, co-founded by Sam Altman of OpenAI, uses iris scanners to authenticate users’ identities.

The project comprises a “privacy-preserving” World ID and a digital WLD token, which users receive for merely being human, according to the project’s website.

To meet the “global demand for ID,” the project expects to deploy 1,500 of its iris-scanning orbs to 35 cities worldwide this summer and fall.

Moody’s, a credit ratings agency, states that US banks might experience further deposit withdrawals because of decreasing profitability and continuous rate hikes from the Federal Reserve.

American banks still face interest rate and asset-liability management risks, which could impact liquidity and capital.

The end of unconventional monetary policy has resulted in a decrease in systemwide deposits, while higher interest rates have caused the value of fixed-rate assets to decline.

In the second quarter, the negative impact of quantitative tightening on deposit funding slowed down, but there’s still a risk that systemwide deposits may decrease in the future.

Although most banks had stable or slightly lower deposits, there was a decline in non-interest-bearing deposits and an increase in banks paying more for deposits, leading to reduced profitability and the ability to generate internal capital.