Jakarta (VNA) – The Government of Timor-Leste has approved a draft decree requiring business entities to provide electronic payment methods and accept digital transactions, aiming to enhance transaction security, transparency and traceability.
The draft legal framework on the use of electronic payment instruments in economic activities was presented by Vice Prime Minister and Coordinating Minister of Economic Affairs Francisco Kalbuadi Lay and Governor of the Central Bank of Timor-Leste (BCTL) Hélder Lopes at a Council of Ministers meeting on October 28.
The new regulation is intended to improve the efficiency, security, transparency and traceability of transactions, while promoting the development and use of the national payment system, the Government said in a press release.
The scheme covers economic operators nationwide, payment service providers authorised by the BCTL, the public administration and other public bodies. However, it provides exemptions for street vendors and businesses operating in remote areas where the technical, technological or infrastructure conditions required for electronic payments are lacking.
Covered operators will have six months to comply with the new requirements. The legislation will take effect on the first day of the month following its publication./.
