Bangladesh Bank allows only commercial traders to sell foreign digital items on e-commerce platforms: Reports

The central bank of Bangladesh, Bangladesh Bank, has recently barred all except commercial traders to sell foreign digital items online even if it underlined no one will be allowed to sell foreign digital items on e-commerce platforms if they do not purchase those from abroad for commercial trading purposes.

Media reports maintained this while adding the digital items, purchased under corporate or individual entitlements of foreign exchange, cannot be placed at online marketplaces for sales.

The reports further added according to the Bangladesh Bank digital items are displayed on online marketplaces for sale to the local people against payments in local currency even if it maintained such sales contradict the Foreign Exchange Regulation Act, as per which, one has to pay outward remittance through formal transaction channels and further went to maintain the merchants as such will have to pay outward remittances to purchase the products as well in line with the regulations of the said act.