Central Bank Governor Ali Hashim has stated that laws must be enacted to make the full use of PayPal's services in Maldives.
PayPal is the most popular digital wallet used for financial transactions all over the world. Currently, only PayPal's money sending and deposit features can be used in the Maldives, and funds received through the service cannot be withdrawn.
Speaking after a ceremony held at Crossroads Maldives to launch BML's MasterCard, Governor Hashim said the full use of the services offered by PayPal can be made by making laws through the parliament and making regulations.
"As a first step, we need to amend the Maldives Monetary Authority Act. We also require a Digital Transaction Act. The current act does not cover digital transactions. A relevant Financial Transaction Act is also necessary. Many MPs have spoken on the Paypal issue. I am appealing to the Parliament to make laws on it in order to streamline the service", said Hashim.
Governor Hashim revealed that work on a national payment system as mentioned on the government's strategic action plan had been initiated by former governor Ahmed Naseer. The system is expected to be complete by 2021, said the Governor. Acknowledging that PayPal services have been launched in few island nations only, a lot of work needs to be done to launch the service in Maldives, he added.
"All those who use such applications will have a marketing plan of their own. They [PayPal] does not have a marketing plan for Maldives. We need to undertake several efforts to attract them", said the Governor.