(KPL) Members of the National Assembly last Friday showed a lot of interest in the draft law on electronic transaction after it was introduced by Minister of Science and Technology Boviengkham Vongdara at their 4th ordinary session.
« It is necessary to have a law on electronic transaction because electronic transaction is a process of contact making or information exchange through electronic means. In recent years, electronic transaction has seen an increasing trend in various fields including bank industry, trade, customs, airlines, tourism, and e-governance, » explained Minister Boviengkham.
The enforcement of regulations on electronic transaction in recent years has witnessed a number of obstacles because such regulations have failed to cover consumer protection, signature verification, and inadequate public awareness of electronic transaction, according to Dr. Boviengkham.
« Once the law on electronic transaction is approved, it will create conditions conducive to Laos�s accession to the World Trade Organisation and its integration into Asean Economy Community, » said Dr. Boviengkham.
The Minister of Science and Technology also said that the new law would help promote the role of the Lao PDR at the regional and international market of electronic trading and transaction.
The draft law has been devised through collective efforts by the ministries of Justice; Industry and Commerce; Finance; Post, Telecommunication and Communication; and Public Security; the Bank of the Lao PDR, and the Luna-Laos project.
On 24 October 2012, this draft law was passed at October cabinet meeting at the Government Office in Vientiane.