The cabinet on Monday (December 13th) has finally approved the draft Payment and Settlement Systems Act 2021, which provides for digital execution of bank payments and settlement systems.
The draft law was approved at a cabinet meeting chaired by Prime Minister Sheikh Hasina at the Secretariat. Ministers and state ministers from the Cabinet Division of Secretariat and the Prime Minister from the Ganabhaban attended the meeting through video conference.
After the meeting, Cabinet Secretary Khandaker Anwarul Islam told reporters that there was no law before in the payments and settlements of the bank. Payment and settlement of banking activities will now be done through a tool system as per the law. And in the current situation, this law has been brought because of digital transactions.
However, the latest version of the draft law does not include cryptocurrency or virtual currency, a new version of digital transactions. Similarly, the draft law is not applicable to Nagad, bKash and other mobile banking, said the cabinet secretary.
“Cryptocurrency is not involved,” he said. Cryptocurrency is not a currency. And that is not a transaction approved by the central bank. Digital banking does not mean cryptocurrency, it needs to be kept in mind.”
Meanwhile, the same meeting also gave final approval to the draft of Trade Organization Act-2021. Khandaker Anwarul Islam said that, as a result of this law, Bangladesh’s trade association will be formed with many countries of the world. In this case, priority will be given to women entrepreneurs.