Interoperable digital transaction platform will bring synergy to financial systems: Speakers
Speakers at a conference opined that cash transactions at branches of banks have gone down by almost half between 2019 and 2022.
This is spearheaded by the central bank's initiatives such as Bangla QR, facilitate cashless payments for small traders, while Binimoy, an interoperable digital transaction platform, will bring synergy to financial systems.
The most significant gain to be had from the introduction of "e-Taka" is that it will allow the government to track its fiscal disbursement for development and other functional services, said adding, public officials who take advantage of stealing and accumulate physical money because it takes time for the government to identify them, but it is impossible to steal the public e-money.
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With the advent of multiple emerging technologies, we are on the verge of information-driven Fourth Industrial Revolution (4IR). This revolution exposes new challenges as well as exciting opportunities. Only the countries with expertise in these emerging technologies can successfully meet the challenges and exploit the opportunities.
The webinar on "Transforming Paper Currency to Digital: Taking from and Making of Central Bank Digital Currency" was organised by the Institute of Chartered Accountants of Bangladesh (ICAB) on Thursday (25 May).
Dr Salehuddin Ahmed, former governor of Bangladesh Bank was present as the chief guest while Md Humayun Kabir, council member & former president of ICAB moderated the session.
ICAB President Md Moniruzzaman delivered the welcome speech and Dr Jamaluddin Ahmed, former president of ICAB and shairman of Emerging Credit Rating Ltd presented the keynote paper.
Distinguished panel speakers were Dr Mohammad Abdur Razzaque, chairman, the Research and Policy Integration for Development (RAPID); Maliha M Quadir, Founding Managing Director, Shohoj Limited; Khondoker Shakhawat Ali, Visiting Fellow, BRAC Institute of Governance & Development (BIGD); and Dr. Mizanur Rahman, Consultant, Enterprise Data Integration & Ex- Director, Data Warehouse Medicare, Australia.
