From January 2018, the creeping abolition of the bank secrecy, which is actually a common law guaranteed since the 17th century, will reach a new level. In January 2018, the EU regulation "Payment Services Directive 2 (PSD 2)" becomes effective. It allows third parties to view your bank accounts and to retrieve your banking details. This is the abolition of banking secrecy.
Under certain criteria and in cases of suspicion, the tax authorities are already able to require banks to disclose their clients' accounts, since the 25th of June 2017. The implication of being suspicious has not be been specified. A gray zone benefiting the tax authorities was created.
The new EU directive obliges banks to create an interface for third parties that give them access to their customers’ bank account information. Implementing this obligation allows banks to focus on their core business while outsourcing new, specialized products such as personalized financial planning tools to third parties. The regulation primarily aims financial service providers such as Paypal to use these interfaces. Another gray area. If there is a primary user, there is also a secondary user.
In practice, banks have to gather their customers’ authorization to submit their account details to third parties, so they do not violate the privacy policies. Thus, it is foreseeable that customers who do not accept this request will be unable to use the service of the financial service providers anymore. You already know this procedure by using apps on your smartphone. If you accept the application’s required data access rights, you can use the app. If you do not accept these requirements, you will not be able to use the desired app.
As described, our privacy is in danger as third parties soon will know very well about our finances.
The cryptocurrency CLOAK protects the privacy of the user and guarantees secure transactions with a maximum processing speed of 60 seconds. Its heart is the payment system ENIGMA, which prevents transactional tracking and thus preserves the anonymity of the users and their transactions.
Cryptocurrencies for more privacy and anonymity - CLOAK protects you against unauthorized access to your accounts
As described above, in January 2018 the EU Directive "Payment Services Directive 2 (PSD 2)" will promote the abolition of bank secrecy.
If you are not willing to grant third parties access to your bank accounts and denied your bank the transfer of your information to third parties, you will soon no longer have access to financial services such as Paypal.
By using cryptocurrencies, you can escape the transparency and preserve your privacy. For this reason, as well as due to a lack of confidence in the governments and their representatives, they were created.
Not only since the current Bitcoin hype is cryptocurrencies on everyone's lips. Already in 2008, the Bitcoin was invented by Satoshi Nakamoto and already in 2013, you could buy goods online with it. Since the Bitcoin was the first coin of its kind, it has established itself as the market leader in cryptocurrencies. Bitcoins currently are more popular than ever and surpassed the magic barrier of 10,000 USD per coin in November this year. However, this coin has a lack of anonymity.
In fact, there are only a handful coins among the meanwhile over a thousand cryptocurrencies, which are absolutely anonymous. Generally, each cryptocurrency should provide added value in a chosen area. Which ones really deliver added value and will prevail in the long run, remains to be seen until now. At least, cryptocurrencies that rely on anonymity, privacy and speed, offer enormous advantages over the competition.
A Coin that fully meets these criteria is CloakCoin (CLOAK).
The unique, untraceable transaction system ENIGMA and the in-house security software CloakShield guarantee Anonymity, privacy, and speed. ENIGMA's encryption protects the user's (cloaker) privacy and anonymity and offers additionally a maximum transaction processing speed of 60 seconds. In addition, CloakShield secures the links between the transaction parties. Means, with CloakCoin your financial streams are absolutely safe, and you will gain 6 % interest per year.
Comparing CloakCoin with the commonly traded cryptocurrencies, it becomes clear that CloakCoin is completely underestimated and wrongly ranks outside the radar of the investors.
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Cloakcoin
Harry Sidiropoulos
Marketing & PR
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