There is so much fraud around, that I don't want open banking, I want private banking. There was a perfectly good and efficient system in operation for several years. It involved my bank, Visa and the NS&I. Visa introduced an intermediate verification check, and this required me to obtain an authorisation code by inserting my debit card into a plastic nreader, and entering my pin. It wsas efficient, and I thought it was secure. Now it seems the UK government is insisting that a fourth privately owned organisation is introduced into the transfer. They asked for access to my account, and this had never been requested befoire. I'm going to write to my bank and askj for all details of the information they downloaded. In theory they could obtain details of all my credit card transactions for the last year, and other sensitive information. Although the organisation is UK based, the site is hosted in the US ( Iowa ), and the web site designer appears to be Spanish. The NS&I purport to be big on security. For example, they log you out if you use the bsack button, but then they introduce this massive security risk by insisting that I give my banking details to a new organisation with non-UK associations. I'm going to open a non-associated bank account to make these payments, and I'll transfer the money from my main account befiore submitting the payment request.
There is some background to my concern. I believe that Bitcoin was created by the Central Banks as an experiment, and the 30 minute lag for payment confirmation, together with the total of 21 million coins createdwith the foundation block, were intended to ensure that Bitcoin was unsuitable to become a global currency for daily use. However it does mnake it a great store of wealth. The Central Banks must have learnt a lot from observing Bitcoin, and it has prepared them to introduce some CBDCs. Also, I believe that the European Union was created as an experiment designed to fail, and we can see that they are now implementing policies to cause this failure. We can also see that the WEF is moving to create a currency that will rfeplace the US Dollar and the Eurio, and to sit alongside the UK Pound. They are working to destroy the dollar to facilitate this change. The can't destroy the Pound, as over 60% of the Western world's wealth is contriolled by the City of London, and interest rates are quoted in relation to LIBOR. The wealth holdings are held in a structure known as the Veil of Tiers. These are pyramids of holding companies many of which are in UK tax havens. If Sterling were to be replaced, then most of the contracts in these holdings would have to be rewritten and renegotiated.
Ive digested your apprehensions, and share a few. The idea of baring our financial particulars to another private entity does seem like a security trap looming. However, blossoming fintech does dangle the carrot of enhanced ease and streamlined dealings. Checking the controls in place is key. Your Bitcoin conjecture intrigues, but I remain unconvinced that it's a central bank experiment. Yet, the financial titans have undeniably harvested wisdom from its design, likely propelling CBDCs.
Your take on the EU and WEF reveals deep suspicion towards international bodies. Alongside policy scrutiny, it's vital to weigh the possible benefits of a globally cohesive financial framework. The 'Veil of Tiers' is complex, but amidst regulatory amendments, these architectures might have to adjust. We're amidst massive shifts, and vigilance is critical.
