NZ GOVERNMENT ‘CONSUMER DATA RIGHT’ FRAMEWORK
6TH July 2021 David Clark Commerce Affairs Minister announced to the House “the government has agreed to establish a ‘Consumer Right Data’ Framework (CDR) which is otherwise known as ‘Open Banking’. That consumers would be in the drivers seat controlling their own personal information (data) that is also shared with third parties. This is a mechanism requiring data holders, eg; banks, energy retailers, Internet-Phone, transport, health, education whatever essential products, services you purchase in the market place. Refers to your personal data through banks, financial institutions, your transactional information can be shared with third parties in the commercial and domestic marketplace. The government takes control of the market place and your money. Money in and money out- data in and data out.
In 2021 the government implemented a timeline for ‘Open Banking’ CDR which includes engagement, consultation of draft legislation. Thus industry changing factors, outsourcing of regulation, modernization of payments infrastructure and ongoing digital disruption. Incomes, welfare benefits, superannuation etc., will be deposited and distributed to multiple sources of services & products providers. So that customers data can be much easily stolen. The more data that’s shared with third party companies, financial institutions the more risk that your personal information (data) will fall in the wrong hands.
The Govts Consumer Data Right Strategy (CDR)..Open Banking is a narrative that centres itself on a promise to make it much easier for the consumer, give them greater opportunities as they are being told they will control their own personal information (data). The ‘You can trust us, a trust building exercise’. The potential risks are inherent in CDR (Open Banking) system. The Govt implements the right to mitigation measures, the govt tells the individual consumer in the business and domestic sector they now have increased control over their own data” NOTE: Banks carry strategic, operational, model, conduct, financial crime and reputational risks. And continued risks as increased volumes of data and speed is consumed. There are hidden costs associated with compliance, risk, security protocols etc.,
Open Banking is a system that has primary components that are namely players- technological, processers, data and a constant evolving risk. The Open Banking playing field expands way beyond the traditional financial institution, includes Fintech, banks, data aggregators, credit bureaus, payment networks and third party providers (TPPs). Healthcare has even joined the game. As soon as your personal data is shared it is at risk. The misuse of customer data, a third party’s lack of process controls, fraudulent TPP access. A lack of traceability of customer data use, lack of accountability by all parties & data security across devices.
Eg: If a customer went on say a business trip that involved service provider transactions, those transactions may remain as ‘ open status’ for several days & may require hundreds of data transmittals, and dozens of analytical models to support it. Technology risks, platform business model championed by Google, Amazon, Alibaba is what Open Banking is to financial services. Technology- the ‘risk of risks’ is execution risk, failure of platform components to deliver high performance which is required for customer interactions. There are new challenges stemming from data.
The Central Bank Digital Currency (CBDC) is certainly warming up. The process starts with Consumer Data Rights (Open Banking) to ‘Open Finance’. Promoting a framework of so called trust, psychologically sucking people in by namely the term ‘Consumer Data Rights’. (We have lost so many Rights over these past few years, wow we are going to get some Rights and the Govt is going to give them to us. Wow. ) Now the authoritarian government can really control your private data, your data in the wrong hands, third parties, cyber attacks., overseas criminal groups, this can be very dangerous .CBDC’s worldwide are in various stages of evaluation of launching national digital currencies. CBDC’s have come to the forefront with the disruption and restrictions of COVID19. The government wants to track your journey in this ever increasing digital financial world. Faster payments, rapid digitization, a demand for a more efficient domestic, cross border value transfers and ‘financial inclusion ‘
‘Open Banking’ and the ‘Open Financing’ revolution the next step to digital currencies. The adoption of the Government ‘Consumer Data Right’ Strategy (CDR). Open Banking moving to Open Financing to change the banking landscape – the goal ‘Central Bank Digital Currency (CBDC). The dangers of CBDC, there is no limit to the level of control that the govt can exert on people, businesses if money is purely digital and provided directly by the government this means they will have full control of money going in and going out of a persons, a commercial, business account. This is incompatible with ‘freedom’. This is the governments attempt to protect its privileged position, exert more control over peoples lives, their money. The Government saying ‘your money is not really your money’, and your property rights are subservient to the ‘public good’ and the supposed necessity of ‘managing the national economy’.
The International Settlements Central Bankers Report on ‘Future Monetary System’ proclaims the metaphor for the future monetary system like this:- The future monetary system is a tree, its solid trunk is the ‘central bank’ that supports a diverse multi-layered vibrant eco-system of participants and functions however only after the Central Bankers have set the rules. (Reserve Bank of NZ-Is the Central Bank of NZ chief advisory, collaborator with Government- – working with the Treasury) The system serves the public interest but the central bankers define those interests
The authoritarian political control of government is not compatible with economic or political freedoms, therefore limits the protections of Human Rights. The Govts Consumer Data Right Strategy makes consumers choice an unreality.3.Consumers choice is an unreality. Large corporations get greater control. The International Convention of Economic Social & Cultural Rights (ICESR) Article 11 provides for the ‘Rights of All (each one of us-everyone) to an adequate standard of living, adequate clothing, adequate housing, adequate food, an adequate standard of living, a continuous improvement of living conditions
Advancing of digital technologies influence interactions with society to the full realization of Article 11. Which requires access to financial institutions, to a bank account into which your income is paid, to develop credit ratings, apply for home loans, collect welfare payments, superannuation, pay taxes and energy bills, telecommunications – phone, internet, health & education all essential services. All these are reported as promoting social inclusion. Social Inclusion robs people of their individual dignity and human rights. Art 11 ( ICESR) includes other rights that require services for fulfilment, this includes ‘freedom of expression ‘, education, mental & physical health also public participation. Underpinning all of this is ‘privacy’, the foundational rights such as dignity, self-determination for ALL, everyone, each one of us. However advanced technology, data neglects Human Rights and Freedoms.
The real danger of CBDCs is ‘there is no limit to the level of control the govt can exert over people if money is purely digital, this gives them the control of money going in and out of your account. Programmable CBDC is very dangerous, a controlling force over peoples lives, a mechanism for specified behaviour. Like a voucher system is programmed for entry and expiry at certain points in time. Can be only used to purchase certain goods and services. Govt determines how you spend your money, you can’t.
The Reserve Bank of NZ has referred to CBDC as to whether they could support this as a steward of money in the digital future. A Reserve Bank of NZ Executive Summary reports “We characterise our mandates, roles, responsibilities in terms of the Tane Mahuta narrative. Tane and the big trees eco-system. The steward of money and cash in NZ, ensuring that CBDC contributes to a modern inclusive economy. Including the partnering of corporations, large companies with government. Programmes. NZ’s Central Bank-The Reserve Bank of NZ. The govts lead advisor on matters relating to formulating, implementing of monetary policy and all matters related to fiscal policy and financial markets. The Memorandum of Understanding on Information Exchange and Collaboration where the Govt’s Treasury Dept and the Reserve Bank of NZ work together was agreed to in June 2012.
CBDC RISKS- Accumulates sensitive payment and user data on an unprecedented scale, in the wrong hands this data can be used to spy on citizens private transactions, obtain security sensitive details about individuals and business, organizations, groups and can rob them of their money.The unelected globalists at the WEF continue to push schemes -ESG, C BDC whilst calling on governments and businesses to crackdown on ‘misinformation ‘ Remember Arderns war on ‘Free Speech’ Her ‘NZ’s first in the world ‘Algorithm Charter’ 2019
The World Economic Forum representatives of Governments, CEOs of large corporations very influential philanthropists etc., of Multistakeholder Corporate capitalist economies. WEF references the building of ‘Inclusive Eco Systems, Digital ID to provide financial services to households. “A digital ID layer should be developed independently of other parts of payment processes’ WEF Forum, Future Focus 2025. The World Economic Forum (WEF) references:- as hundreds of govts explore fully traceable programmable and permission based digital currencies that will allow central bankers to control what you can and cannot purchase, these CBDCs will require that every citizen have a digital wallet pegged to their Digital ID. The unelected WEF call on governments and corporations to establish rules for Digital ID Governance.
Vaccine passports by nature serve as a digital ID – WEF Feb 2022. Digital ID Future Agency “Next level of data intermediaries (embedded in body, devices, homes, cities etc.,WEF Feb 2022. Digital ID schemes have been on the rise in recent years thanks to vaccine passports which according to WEF Feb 2022 ‘serve as a form of digital ID’. While Vaccine Passports store highly medical data about an individual the globalists project that Digital ID will expand to include credit history, social media activity, and online purchase behaviours. This is extremely invasive.. Devices in your body, your home and the cities where you live- aimed at collecting as much information about you as possible. Constant surveillance in Real Time.
The transition to a lower carbon economy requires a large rewiring of the global economy with approx. $3.5 trillion of investment needed annually for decades, WEF ‘Future Focus 2025’. Finance plays a pivotal role in facilitating the transition to net zero economy, innovative approaches are needed to bridge the net zero funding gap – WEF ‘Future Focus 2025’. Lumping together digital inclusion, finance and the environment is the concept of ESG scoring for allocating, distributing digital payments with programmable CBDC’s. According to the report ‘Finance plays a pivotal role in facilitating the transition to a net zero economy, innovation approaches are needed to bridge the net zero funding gap.
Rewiring of the global economy is the same as the ‘Great Reset’. Taking advantage of the fight against climate change, of the shock inflicted by the pandemic to implement long lasting and wider environmental changes. Making good use of the pandemic by not letting the crisis go to waste.- COVID19 The Great Reset. Klaus Schwab and Thierry Malleret 2020 ‘Presenting a rare but narrow window of opportunity, to re-imagine, reset our world. Massive exploitation of the Pandemic and Climate Gloom and Doom narrative. Never let a good crisis go to waste.WEF Future Focus 2025 “When lacking data to quantify risks and evaluate their likelihoods, well formed scenarios developed in a collaborative process can help draw out potential impacts, can educate the public on possible threats”
Governments and corporations to invest narratives using behavioural science mechanisms, (manipulating behaviour). Any critical thinking that goes against the WEF narratives label them as ‘Misinformation & ‘disinformation’. Narratives to shape perceptions, which in turn form realities for people, that end up influencing choices and actions. -The Great Narrative, Klaus Schwab & Thierry Malleret 2022. “In the battles for hearts and minds of human beings, narrative will consistently outperform data in its ability to influence human thinking and motivate human action”. In the absence of hard data Future Focus 2025 (WEF) report reiterates the importance of narratives as ‘well formed scenarios’ to ‘manipulate perceptions’
The WEF calls on corporations and governments to regulate misinformation, disinformation on social media. Outsourcing critical thinking, giving all trust to government bureaucrats and unelected technocrats. The 134 page report draws from and supports the WEF platforms dedicated to catalysing a new economy, a new society- The Global Redesign, the Great Reset agenda. A roadmap for steering society to re-engineering people, planet for immense profit of the few by unelected entities.
ESG scoring is not a mandate from the people but a concept dreamed up by unelected globalists bureaucrats to control the global economy, time to push back. Our Free-market economy has served us extremely well, is innovative, has a significant effect on the countries growth and wealth, provides jobs. A free market economy determined by supply and demand. (Free-market = Freedom Of Choice)
Digital ID, CBDC, ESG, Open Banking, Open Financing, Social Inclusion = Corporate Capture. Corporates the drivers in the front seat, governments as back seat passengers, and the people, small businesses, farmers, rural communities are the roadkill. NOTE: Ardern used NZrs as guineapigs for WEF project Re-imagining Digital Regulations’
SOLUTION? Ideas- ‘Staying local, bartering systems, get to know your community. Get in the face of politicians from all parties to introduce a Citizens Initiated Binding Referendum and a constitution set in concrete’, more face to face group meetings.
BEWARE OF: Financial Inclusion, Consumer Right Data Strategy,(Open Banking) and Open Financing leading to Central Bank Digital Currency. The Consumer Data Right Strategy is on the governments agenda now
RESEARCH PRODUCED BY: – Carol Sakey
https://www2.deloitte.com/content/dam/Deloitte/in/Documents/financial-services/in-fs-cbdc-noexp.pdf 36 pages.
https://sociable.co/business/wef-digital-id-cbdc-esg-misinformation-future-focus-report/ WEF Pushes Digital ID, CBDC and ESG in misinformation in Future Focus report July 8th 2022
NOTE: CLICK IN THE IMAGE ABOVE WHICH LINKS YOU TO MY RUMBLE VIDEO ON THIS SUBJECT