From utility applications, to professional software suites, to entertainment media, all of our daily needs and requirements now have digital solutions that we can purchase and download from the internet.
It is also true that a sizable portion of digital goods that we consume are from other countries, with the rising popularity of streaming services such as Netflix and digital storefronts such as Steam in Bangladesh, our people can now enjoy the same digital amenities as the rest of the world.
However, given that these services usually run on internal economies of their own, people usually rely on e-commerce marketplaces as a proxy or the gray market to be able to access them. To that end, Bangladesh Bank’s recent circular on the issue is timely.
Of course, if the central bank wants people to acquire digital goods and services through the proper channels while paying sales taxes, there is only one way to achieve it: The process needs to be made easier and more affordable.
Putting up inordinate forex regulations when it comes to the easy flow of cross-border digital commerce is not the way, as it will only goad people to opt for gray market solutions.
Simply put, a lot of potential revenue is being lost by local stakeholders because of such tight holds over the exchange of foreign digital goods, and even more stringent measures are absolutely not the answer.
Only by making it easier for people to participate in the worldwide digital commerce, can the administration finally fulfill the dream of a truly Digital Bangladesh.