- Jun 14, 2011
Via Google Translate:
The Netherlands wants to oblige its banks to store all transactions above 100 euros in a large database. Critics warn of a catastrophic invasion of privacy law.
The Dutch government's plan to track almost all of its citizens' transactions would be a preparatory step for the implementation of a digital central bank currency (CBDC). Via such a “digital euro” only the smallest payments would then remain anonymous to the central bank.
The details: The Dutch government wants to use this measure to curb money laundering and the financing of terrorism. The cabinet is thus opening the door to massive privacy violations, various organizations warn.
"Trend of increasing control on financial traffic from governments”
- "The government assumes that there is a lot of money laundering by consumers. Or that they even finance terrorism. […] The risk is that the law opens the door to unprecedented mass surveillance by banks. The Rutte cabinet is playing with constitutional fire," Ellen Timmer of the Pellicaan law firm told De Andere Krant.
- "The proposed monitoring really goes too far. All your payment behavior will soon be collected centrally and monitored with algorithms," the Dutch Data Protection Authority also responds in that newspaper.
- The 'Privacy First' foundation even speaks of a "banking dragnet" for the Netherlands if the bill is not critically examined.
Down the rabbit hole: Several experts smell danger and even see a link with the imminent adoption of CBDCs.
- "This is probably related to the planned CBDCs, where only small payments will still be anonymous, while all larger payments will be registered and monitored,” noted investor and author Willem Middelkoop sounded the alarm on Twitter.
- Middelkoop, also known as “The Oracle from Amsterdam” due to his early prophetic statements about Bitcoin, also points to the fact that the Dutch Queen Máxima attended the annual meeting of the IMF and the World Bank this month. There she gave a speech in which she defended CBDCs as a tool for inclusivity.
- Also 'De Andere Krant' makes the link with Máxima and the way in which authorities apparently impose CBDCs on the people. “The bill appears to be a new step in a trend of increasing government controls on financial traffic,” the newspaper writes.