The Department of Enterprise has launched a consultation on electronic transactions.

Chamber of Commerce are urging businesses and members of the public to take part in the consultation about the Electronic Transactions Act 2000.

Electronic transactions are purchases via credit and debit cards as well as bank transfers.

This also includes legal framework for electronic identification, digital signatures and electronic transactions.

According to the Chamber of Commerce, the impact of lockdowns, and the pandemic generally, has ’revolutionised electronic transactions worldwide’.

This means that leading juridictions need to make sure legal frameworks are brought up to date so that effective laws are in place to protect businesses, consumers and residents.

Chamber believes there are two key benefits which the island could gain from modernising this legislation - the first being that organisations and residents would benefit because it would help to access products and services they need rapidly.

It could also enable companies that serve clients from across the world to win new business, expand, and contribute to growing the island’s economy.

The consultation will provide an opportunity for businesses and the general public to give their views on how the island can match or improve upon legal reforms that have been put in place in other jurisdictions.

Chris Corlett, a member of Chamber’s Legislation Group, said: ’The EU’s regulation on electronic identification and trust services is an excellent example of a proven international standard.

’The Isle of Man could adopt this legislation at minimal cost and with little risk.

’It would significantly reduce the risks that we all have due to the lack of clarity of the island’s Electronic Transactions Act which has not been changed since 2000.â?¯The law, and technology worldwide for electronic transactions, has changed enormously since then.

’Via legal reform, the Isle of Man has a chance to benefit by enabling digital innovation that reduces costs, speeds up service delivery and reduces risks.

’That’s why it’s so important to seize this opportunity.’

Mr Corlett will be hosting a free webinar is being hosted by the Chamber today, October 7, from 9.30 to 10.30am for those who want to learn about the issues involved. To register for the webinar, visit Chamber’s events page. The consultation closes on October 29.