Dedicated regulatory body key to regulate digital markets: Experts

The government should set up a dedicated regulatory agency to regulate booming digital markets to protect the interest of the consumers, experts have said.

The absence of the regulator creates various problems in the e-commerce businesses, they said.

The observations were made by academics, economists, bankers and financial sector experts at a webinar organized by the Centre for Policy Dialogue and The Fredrick Ebert Stiftung on Monday.

CPD Executive Director Fahmida Khatun said technological advancement has created a massive opportunity for the digital market that has already been formed in large shape.

She stressed the need for ensuring access to the digital markets and also creating linkage by the authorities concerned between the manufactures and other stakeholders.

Dhaka University Economics Professor Selim Raihan said inclusive steps should be taken to make the digital trades more secure and profitable in Bangladesh.

He said due to weak regulatory authority, a large number of digital market users in the country have been facing problems.

Bangladesh Bank General Manager (Payment System Department) Mezbaul Haque said the central bank has been trying to support the digital business’s innovation.

Focusing on the issues of central bank regulation and innovation, he said that more regulations might create obstacles in innovations as the digital trades started their massive journey in recent years.

Bangladesh Association of Software and Information Services (BASIS) President Syed Almas Kabir, senior economic affairs officer of United Nations Conference on Trade and Development Rashmi Banga, associate professor and research and information system for developing countries Priyadarshi Dash, resident representative of Fredrick Ebert Stiftung Felix Kolbitz, among others, also spoke at the virtual event.