Blocking all the banks and everything? Nope it wasn't possible. You need to build a lot of tech first to implement digital Gulag.

I really doubt that. America's Congress seems to have very little difficulty in debanking people all across Europe, and obviously, they have no access to any European identity system. Canada infamously froze the bank account of anyone donating to anti-government protest movements and it's one of the nations without a comprehensive identification system.

KYC has already killed any financial privacy people may have had.

I agree with what you say, but I still think people should push back on this. It shouldn't be convenient for governments to abuse their citizens.

However, a bad actor (depends on how well funded/connected they are) would still have a harder time getting information.

As for the KYC thing, right now it's mostly to ensure you're not funding terrorist/criminal enterprises (at least it was the case for one of my previous companies). The data isn't just readily available to any political party who asks for it (I guess most companies will comply under certain conditions, but the legal friction is the point I think).

Not possible? You're saying countries without digital IDs can't freeze assets in the same country?

unless you are 100% card-less you can already get locked out of banks easily. Your digital ID already exists, it's just that you don't have a card with it yet.

As others stated: KYC killed private banking. Good.