Hell no! Banks should NOT assume an expanded role in transaction processes; rather, their involvement should be further reduced. The objective should be to establish public consensus that positions banks as an optional payment method, not as an integral component of daily activities. Even in scenarios where banks do not access personal identification information, their institutional power should be constrained rather than extended.
Cashless payment systems present inherent risks for surveillance and control, as they channel all transactions through centralized, heavily monitored networks. Individuals flagged within these systems may face severe exclusion from economic participation without due process protections.
KYC protocols may have poorly regulated flagging databases that lack the procedural safeguards associated with formal criminal records. Unlike criminal records, which require due process for inclusion and can be destroyed, banking flags operate without comparable regulatory oversight. This transfers significant power to corporate entities and their stakeholders, having this “shadow” power that would control the public.
Regardless of anonymity provisions, banks should function solely as optional convenience tools for payment processing, not as mandatory intermediaries in financial transactions or any process. The integration of banking systems into essential processes is the worst for anyone who cares about surveillance free society and create a concentrated institutional power, and it will reduce individual autonomy, financial or not.