Global News (Canada) has reported that government agency Statistics Canada is planning to “collect a mountain of information about Canadians’ financial transactions. Banks and credit card companies are being asked to share customers’ purchasing history with the government agency.” This data will be used to develop a “new institutional personal information bank.”

 

The following personal and financial information will be collected from customers that have no idea they have been selected to be part of the government data harvest:

  • Social insurance number
  • Bill payments
  • Income history
  • ATM withdrawals
  • Credit card payments
  • Electronic money transfers
  • Account balances

 

The most unsettling part of this data grab, is that it is all perfectly legal – banks are required to provide such information when asked.

“Section 13 of the Statistics Act authorizes the Chief Statistician to compel the disclosure of, and obtain, any documents or records that are maintained in any department of in any municipal office, corporation, business or organization, from which information is sought in respect of the objects of the Statistics Act”

The Merits of Cryptocurrency

The scenario above can’t occur with cryptocurrency, because the transaction occurs without your personal data being attached to it. The transaction itself can be viewed, as can all others that occur on a blockchain, but there are no identifying markers on it. The digital transactions are person-to-person (meaning no data-collecting middlemen), reduced costs, increased speed, and a myriad of other benefits.

If you are still in the dark about cryptocurrency, DNotesEDU provides easy to understand, beginner level material at no charge. We do not ask for, nor do we collect, any of your data.

If Cryptocurrency Confuses You Start Here

DNotes EDU is a source of FREE educational material on everything related to the cryptocurrency industry.

DNotes EDU provides a range of material consisting of easy to understand guides, explanations, and industry videos. If you wish to delve deeper into cryptocurrency, we have a Free Education section with a list of courses to check out. We have included interesting articles and news briefs, meant to enhance your learning experience. As is typical of any new major technology breakthrough, the industry is rampant with con-artists coming up with clever ways to dupe you out of your money. Among these cons are various forms of paid cryptocurrency ‘education packages’, sometimes with complex tier structures, and often with great promises of wealth. It is important to educate yourself, make your own investing decisions, and have doubt before you give trust.

We believe everyone, regardless of financial standing, should have access to free and unbiased educational material on cryptocurrency.

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