Banking in Packilvania: Difference between revisions
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=== Banking privacy ===
Banking privacy is not a fundamental right. It exists within the context of other rights such as the right to privacy, and to engage in commerce and trade, and can be circumscribed in the public and national interests. As such, banks are required to demand supporting documents such as identity documents and proofs of residence or corporate registration certificate when
=== Capital controls ===
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Decentralised finance has ballooned in the country as a means to avoid the onerous tax and disclosure obligations of money held in banks etc. This normally entails users using an encrypted wallet to transact with other users or nodes on a block chain network by holding and receiving some form of cryptocurrency which they can exchange for goods and services or real currency. With low cost electricity and computers, Packilvania has been a leading country in the decentralised finance space. Even though some banks have specialised in cryptocurrency, the government has been increasingly vocal about suppressing cryptocurrency to combat money laundering and financial fraud.
=== Ethical investing ===
Incentives such as but not limited to tax obligation reductions exist for individuals and entities who invest their funds in line with ethical objectives promoted by the government. This entails investing in sectors, businesses and financial instruments recognised by the [[Magisterium of Paxism]] to conform to the precepts of [[Paxism]] as envisioned in the [[Writings of Paxism]] and the [[canon law of Paxism]]. Additionally, investment into businesses that meet environmental sustainability standards set by the Department of the Environment and Food Security as well as socially responsible investment as determined by the Department of Social Development.
==Central Bank==
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