Worldcoin Faces Regulatory Hurdles in Kenya and Indonesia
Worldcoin’s value has taken a hit due to new legal challenges in Kenya and Indonesia. The token, which saw a strong rally in April, has fallen 7% in the last day and over 22% this week. Despite the price drop, trading activity has surged by 64%, showing traders’ speedy response to changes.
Regulatory issues are mounting for Worldcoin. In Kenya, a High Court ordered the Worldcoin Foundation to delete all biometric data collected in the country, including facial and iris scans.the ruling, reported by Kenyans.co.ke, also prohibits the collection of new data. The court criticized Worldcoin’s use of crypto incentives for sensitive details,following a lawsuit by the Katiba Institute.
Indonesia has also suspended Worldcoin’s digital identity platform, World ID. The Ministry of Communication stated that one of Worldcoin’s businesses was not properly registered. Authorities have put a hold on Worldcoin’s certification and summoned relevant parties for questioning.
Technically, WLD is trading near $0.88, down from its April high of $1.20. The price has been stable as late April, just above support at $0.86.Though, breaking below the 20-day moving average indicates short-term weakness.
key levels to watch are $0.80 and $0.75 if WLD loses support near $0.86. A rebound could push the price toward the $0.94 resistance level. The future of Worldcoin now hinges on how it manages regulatory pressure in key markets.
