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.
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