Lebanese joint parliamentary committee to ratify the Electronic Transactions Law

As soon as the Lebanese Parliamentary session is held, a draft law on electronic transactions will be approved. The draft Law part of Decree No. 9341 issued back in 2012 will be ratified by the joint parliamentary committees.

Once the law is ratified it is expected to reflect positively on the economic situation in many sectors most notably the banking sector. The Lebanese Banking sector is one of the most established and geographically diverse sectors within the Lebanese economy. Banks have and still play a pivotal role both in Lebanon as well as across borders given the large expatriate community. Delays in ratifying the Electronic transaction law, has created hurdles in the development of this sector given the strong correlation between digital identity, and e-banking. This has setback the Lebanese banking sector years behind its counterparts across the globe.

Despite the fact that the draft law is considered a positive move amidst Lebanon’s tense political situation, it is a far run from what is needed today as it lacks integration with the latest technological developments that have occurred over the past four years.

It would have been more effective had the Lebanese Parliament Committees instated a law governing digital identity in its entirety given its strong correlation to digital signature and the protection of personal data. Estonia for example developed Digital Identity law in 2012. Digital Identity legislation and implementation is especially useful in countries with high number of expatriates and also eliminated the need to discuss magnetic electoral cards.