The conflict between the Bank of Korea and the Financial Services Commission over the amendment to the Electronic Financial Transactions Act is terrifying. The mandated external liquidation of’Big Tech (large information and communications company)’ transactions, the establishment of a clearing industry for electronic payment transactions, and the granting of supervisory rights to the Financial Services Commission are the core of the controversy. In short, it is that the KFTC is obligated to provide all internal transaction information to Naver Kakao and others, and the KFTC will supervise the KFTC. The Financial Services Commission advocated’consumer protection’ in preparation for the bankruptcy of Big Tech, and the BOK is confronting that payment and settlement work is a unique function of the central bank.
The Bank of Korea and the Financial Services Commission, which is the department of financial supervision within the administration, have different purposes and main duties. As such, consumer protection, development of the fintech industry, and securing expertise and safety in payment and settlement functions are tasks that the two institutions will pursue through smooth consultation. As the amendment to the Political Committee of the National Assembly clearly reflects the position of the Financial Services Commission, it is necessary to listen more seriously to the concerns of the BOK.
The biggest weakness and problem of this bill is that once again, personal information is under the jurisdiction and control of the government. That’s why Han Eun called it’Big Brother Law’ at all. The BOK argued that “The Big Brother controversy stems from forcibly concentrating the people’s daily transaction information in one place.” It’s a problem that can be raised enough. In a sharp confrontation between the two institutions, we cannot help but be wary of the disconnection logic, which dismisses’concerns about the Big Brother Act’ and dismisses it as a side of the BOK. Sharing such a side is not as helpful in financial development as dismissing it as a’battle fight’.
In addition to the payment system, there are too many factors in our society that promote and urge big brothers. Credit card usage history that reveals every step of the way, all kinds of tax information related to income and assets, the route that remains on the high pass, and numerous CCTVs are endless. It is no exaggeration to say that’every day has become IT’ under the slogan of’e-government’. Separately, such a personal information management system has a justification and a lot of utility. However, when integrated and controlled as one, neither the individual nor the private realm disappears. It is a kind of’configuration error’. The Big Brother society will not be planned and designed and completed one by one in advance.
When personal information is abused by political power or for administrative convenience, it is terrible to imagine. There is also a risk of hacking. Have you already forgotten the fact that the government and the ruling party regulated the use of anonymous information, saying that they would prevent the leakage and abuse of personal information?
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