Economists have sounded the alarm bells over the economic infrastructure in the country which they claim is weak due to its underdeveloped state while noting that the capacity-building of stakeholders including consumers was near zero.
Senior lecturer at the Department of Economics of the Faculty of Arts at the University of Colombo, Dr. S.P. Premaratne remarked that there are serious issues in relation to cross-border transactions, which practically takes place more often than domestic transactions in relation to electronic commerce (EC), and digital products. He underlined the need for legislation including awareness plus capacity building.
“An important area in EC involves information and electronic transactions which also involve electronic signatures. How does the Central Bank of Sri Lanka (CBSL) handle this aspect?” he queried.
“EC takes places via social media including Facebook. There are credit cards, electronic wallets and electronic cards which are used. A cybercrime law will have to touch upon these aspects too including the privacy of information as there is no way to trust whether those to whom one gives out information will keep the secrecy,” he added.
He also emphasized on the need for incorporating data protection.
“This is in relation to digital products. There is copying and pasting involved along with the use of photocopy machines. This aspect applies to books and movies too. We do not move much with the advancements in technology. Due to our inefficiency, we lose a lot of money to other countries because exchange does not go through the proper channels. Is the CBSL monitoring this?,” he asked.