Junaid Ahmed Palak, Minister of State for Information and Communication Technology, has emphasized on the provision of money or escrow service in the approved gateways of Bangladesh Bank to protect the money of customers in e-commerce.
He was speaking at the inaugural function of Meet the Reporters and DRU Apps at the Sagar-Runi Auditorium of the Dhaka Reporters’ Unity (DRU) on Wednesday (July 29).
Speaking as the chief guest, the state minister said, “The target of the Bangladesh government is to move towards a cashless society. If you want to deal with financial fraud, the solution is technology. Arrange for transactions to be digital. We are working on financial solutions in the banking sector, corruption in e-commerce – digital solutions everywhere. Each transaction will be online, it will have an account of who is transacting how much money. We want to ensure transparency and accountability in the transaction process. “
Asked by reporters about the recent scams by several e-commerce companies, Palak said, “We have sold products at a lower price. Money has been embezzled here and a lot of money has been lost. Because someone bought the product for 10 rupees and sold it for 7 rupees. Amazon, eBay, Alibaba also started the business in this way in the beginning. They later narrowed the gap by making large investments and became profitable. Someone’s motives may have been honest in what happened here. And for those who want to escape by embezzling money from the beginning, it is different. ‘
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Junaid Ahmed Palak said, “When we formulate a comprehensive digital commerce policy and present it to the cabinet in 2016, the cabinet decides to send it to the Ministry of Commerce.” The Ministry of Commerce amended it in 2020. I think there needs to be a regulatory body here. No company should be able to sell products at unreasonably lower prices than the market price. ‘
What is the position of digital currency bitcoin in Bangladesh? In response to a question from reporters, Palak said that digital currency or bitcoin or cryptocurrency is illegal in many countries. Again some have given legitimacy. We can organize a seminar with all stakeholders including Bangladesh Bank in this regard. We bring in cryptocurrency experts and then listen to the discussion. We want the discussion to start. We should not cancel without knowing or understanding. There is a possibility of building a data center for bitcoin by mining here. ‘
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