Bitget Achieves 20M Users With Wallet Integration Driving Trading Volume

Hong Kong's Office of the Privacy Commissioner for Personal Data (PCPD) has issued a directive for the Worldcoin Foundation to cease its operations within the region, citing violations of local privacy laws. The decision comes after the PCPD found that Worldcoin had improperly collected facial and iris data from approximately 8,302 individuals. The agency’s investigation included ten covert visits to six different Worldcoin locations between December 2023 and January 2024. According to the PCPD, the extent of data collection by Worldcoin was deemed "unnecessary and excessive" failing to adhere to the Data Protection Principles.Photo by Claudio Schwarz on UnsplashConcerns over data retentionThe privacy watchdog criticized Worldcoin for its intention to retain personal data for up to 10 years. This retention period was intended for training AI models for user verification processes but was judged by the PCPD to be excessively long, amounting to prolonged retention of personal data. Following the findings, the PCPD has issued an enforcement notice to Worldcoin, mandating the cessation of all its activities in Hong Kong. Privacy Commissioner Ada Chung has called on the public to report any ongoing operations by Worldcoin in the city. In response to growing international scrutiny, Worldcoin announced in March that it would halt the collection of personal data and is planning to introduce a new feature titled "Personal Custody," which would purportedly allow users to store their data on their devices. This change comes as Worldcoin faces additional challenges in other jurisdictions, including Spain and Portugal, which have also expressed concerns over the project's data collection practices. The project was also scrutinized in South Korea but it recently resumed services. As of now, Worldcoin has not provided comments regarding the recent regulatory actions. 

Despite interest expressed by a Japanese lawmaker earlier this month for Japan to establish a strategic Bitcoin reserve, the country’s prime minister has declined to offer support for the idea.Photo by Su San Lee on UnsplashInsufficient informationJapanese crypto media outlet CoinPost reported on Dec. 26 that the country’s prime minister, Shigeru Ishiba, refrained from endorsing the notion of a Japanese strategic Bitcoin reserve on the basis that he and his government lack sufficient information on the subject. With that, Ishiba feels that it’s “difficult for the government to express its views” on the matter. The Japanese prime minister was prompted to offer his views on the subject having been queried by Japanese Member of Parliament (MP), Satoshi Hamada. During a question and answer session earlier this month, Hamada cited the United States and Brazil as examples of states that are currently considering the addition of Bitcoin as a reserve asset.  The Japanese lawmaker suggested that policymakers in those countries were leaning towards the consideration of Bitcoin as a hedge against economic risks, and that on that basis, he believed that the Japanese government should give the use of Bitcoin as a national reserve asset consideration. Hamada stated: “I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin.” Ishiba has responded by stating that his government lacks sufficient information relative to this “movement of introducing Bitcoin reserves that the United States and other countries are proceeding with.” Additionally, the Japanese government maintains that stability and liquidity are of paramount importance when it comes to the country’s foreign exchange reserves. With those factors in mind, it believes that Bitcoin is incompatible due to its price volatility. Unsustainable debt levels Some proponents of Bitcoin suggest that it offers a way forward for countries that have developed an unsustainable level of debt. In an X post published on Dec. 27, Thomas Jeegers, chief financial officer (CFO) at Swiss Bitcoin-only app enterprise Relai, set out a case for Bitcoin on that basis. Jeegers outlined that the United States has a debt of $36 trillion, accounting for 120% of gross domestic product (GDP).  He describes the Japanese scenario as being considerably worse, where the country’s debt accounts for 200% of GDP. Jeegers forecasts that the trajectory is unsustainable, with debt having grown “far beyond manageable levels.” The Relai CFO warns that the financial world is at breaking point and “it’s not a matter of 'if' but 'when' the system buckles under its own weight.” Earlier this month, investment manager VanEck published a report claiming that a strategic Bitcoin reserve could facilitate the U.S. in reducing its national debt by up to 36% by 2050. Like Japan, Russia has also decided against a strategic Bitcoin reserve. Although Finance Minister Anton Siluanov pointed towards Bitcoin’s unit price volatility being an issue, he is open to reassessing the matter in the future.

Conut teams up with Foblgate to provide trendy crypto news to exchange usersSouth Korean cryptocurrency exchange Foblgate announced on Tuesday (local time) that it will collaborate with Korean cryptocurrency newsletter Conut to bring relevant news about virtual assets to a wider audience, providing readers with richer and more informative content.Photo by Markus Winkler on UnsplashPublishing entertaining and insightful crypto newsLaunched in 2021, Conut is dedicated to providing crypto news in a way that is fun, straightforward and appealing to younger demographics, considering that crypto is more popular among younger age groups. It simplifies complicated topics like Play-to-Earn (P2E) games, the metaverse, cryptocurrency regulations and spot bitcoin exchange-traded funds (ETFs) using trendy memes and internet vernacular instead of formal language. Currently, the newsletters are available on the official Conut website or via email subscription, which has accumulated over 8,000 subscribers as of this month. In the future, Conut plans to launch a mailing service as well as a P2E app called Coquiz to increase accessibility and reach more people who are interested in crypto and blockchain.Through this newest collaboration with Foblgate, content from Conut’s recent newsletters will be featured on Foblgate’s main page, providing users with access to a wealth of information on a wide range of topics, from crypto basics to the latest trends.“By making Conut’s content easily accessible to our users, we intend to promote a better general understanding of blockchain and resolve information asymmetry. We plan to explore and offer more content in the future for our users to take advantage of,” said Foblgate CEO Ahn Hyun-jun.The founders of Conut, Lee Choong and Jo Hana, also expressed their anticipation for the collaboration, stating that it would be a great help in disseminating quality content.Nurturing creativityFoblgate has been an active proponent of content production and promotion. Earlier this year, the exchange co-hosted the Self-Made Genius Contest — a contest for exploring creative projects in traditional and digital art.