To monitor the activities of the country's e-commerce sector, there will be a separate regulatory body. The commerce minister announced this. He also said that a detailed e-commerce law will also be there. The law will help address irregularities in the sector. So far, there is no dedicated regulatory body to oversee the sector. Thus the decision is better late than never. To contain irregularities, the Bangladesh Bank has already introduced an escrow service for e-commerce transactions. The service empowers buyers to cancel orders anytime. In that case, they will get a refund. The service is applicable to payment through cards only.
E-commerce is a fast-growing sector. For the last decade, many companies joined the bandwagon. A boom takes place during the Covid-19 last year. But, there was a lack of supervision. It is said that the government did not pay due attention to the sector earlier. So, many incidents of fraudulence took place. Companies like Evaly and E-orange spent a lot of money on lucrative advertisements. These companies went for a kind of gambling. They did not focus on business properly. But, the booming sector must not face any setback for a few companies. So, an effective regulatory body should be there.
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