President Milanović warns of ever greater control of privacy through financial transactions: This is turning into control over people and I don’t like that

“The level of interference by the state, regulators, and central financial institutions into all the segments of financial transactions is unprecedented, it has never been greater. Regulators, as a rule, do not have a democratic mandate, and for some reason politicians are inclined to write into law everything that is proposed to them and greater privacy control are being proposed. This is turning into a 24 hour control over peoples’ lives and their transactions. This is not a trend but the state we are in, and I just don’t like it. And, apparently, all of this is happening for greater security and the fight against terrorism”, the President of the Republic Zoran Milanović stated at the opening of the Money Motion 2026 conference in Zagreb, adding that this type of control of finances may be justified, “as an exception, and not as a rule”.

In this respect he underlined that this type of conference can have an enlightening role as to bring this complex material closer to citizens precisely “due to issues related to human rights even fundamental human rights and citizens’ rights”. Citing the example of states in which, as recently as ten years ago, you could pay everything with cards instead of cash, the President pointed out that paying cash is a right that should not be given up. “Societies and some countries that are a bit more mature and smarter in this matter, realized this and are not letting their right to pay cash to be taken from them”, he said.

“The powers of the state and regulators – and as a rule regulators in the financial sector were never elected by the citizens – have reached a limit that could be tolerated in a democratic society. The time has come to limit it in some way and to channel it in another direction. And if it was just that, what you are doing would be very valuable. This is some sort of democratization of financial flows and financial literacy, and financial issues are the most important issues of the state, along with war and peace”, President Milanović said, opening the conference.

The Money Motion 2026 conference is the largest FinTech event in Central and Eastern Europe that brings together key stakeholders from the world of finance, regulation, technology and entrepreneurship, and this year’s conference is being held for the fourth time under the auspices of the President of the Republic. About 3,000 participants are expected at this year’s two-day conference, and in addition to President Milanović at the opening was the mayor of Zagreb Tomislav Tomašević who also greeted the participants.

Alongside President Milanović was the Special Adviser to the President for the Economy Velibor Mačkić.

PHOTO: Office of the President of the Republic of Croatia / Ana Marija Katić