A secure democratic Net is a fundamental right

We have now the case of an Internet Bank from Iceland - a country on the brink of financial collapse - that has blocked all the accounts of its clients in the UK who can't transfer any money to themselves or other accounts anymore. They can only hope that the bank itself doesn't go broke or that their accounts are resold to another bank. The British government has declared that it will file a courtcase to try to defend the interests of its British citizens who were duped by the sirens of high return online accounts.

But the Internet bank Icesave had no Banking licence in the UK and so the UK is an sich not responsable for them. It is a bit different but in the end the same case with some Iceland banks in Belgium that in fact were registered in Luxembourg and not in Belgium (and so have 50.000 Euro guarantee and not 100.000 if the bank fails). The best hope of these clients is also that the bank in Iceland will sell its foreign assets to another bank.

But in the end one should make in future the things more ovbvious and clear to the users. Belgian online businesses should have a logo and registration number and link on their website so that Belgian and other customers know under which law and government the website falls. It should be clear from the beginning for the customer which are the risks he is running and if he is willing to take them.

In future it should be clear to any online customer of any online business under which national law and government (and the consequences of that choice) their online business or bank fails. It is all about Location, Location and Location. ALso in the virtual world.

The Belgian business world could use even such a logo as a kind of marketing tool. Not only do Belgian online banks have a better security, they also have better guarantees if they are based/located/certified in Belgium.