23 Hrs
Source:
عين ليبيا
Libya Advances Legal Framework for Digital Banking
The banking sector in Libya has undergone a major transformation towards adopting digital technologies, aimed at enhancing financial inclusion, improving the quality of banking services, and reducing dependence on cash. This shift is supported by the promotion of electronic payments and the development of digital infrastructure. The transformation is based on modern legislation such as Electronic Transactions Law No. (6) of 2022, which confirmed the legality of electronic signatures and digital transactions, allowing documents and electronic signatures to legally validate transactions. Additionally, these regulations have introduced procedures to organize electronic banking operations, such as issuing payment orders, regulating banking cards, and electronic money, thereby strengthening trust in digital services. However, there remains a continued need to complete legislation related to digital financial inclusion, freedom of expression, and personal data processing, to ensure an inclusive and sustainable digital financial environment that fosters trust and supports economic development.
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