Representatives call for protecting the security of the database when issuing the digital currency – the Algerian dialogue

Today, Sunday, the Finance and Budget Committee of the National People’s Assembly held a meeting within the framework of studying the draft monetary and banking law, devoted to listening to the Director General of the Treasury and the accounting management of the state’s financial operations, Saleh Al-Abni, in the presence of executives from the Central Bank.

During the meeting, the members of the committee demanded the need to protect the security of the database when issuing the digital currency by the Central Bank and the exact definition of the digital currency if it has the same characteristics as the physical dinar. Finance and modernization of the banking system.

When presenting the draft law, Saleh Al-Abni explained that the draft law came to modernize the banking system and strengthen its regulatory and oversight functions in order to be in line with the practices of central banks and regulatory institutions at the international level. He added that it is related to strengthening the governance and transparency of the banking system, led by the Bank of Algeria, through the adoption of the trust system to exercise the function of the governor and deputies of the Bank of Algeria, in addition to obligating the bank to prepare an annual report to the President of the Republic on the bank’s activities in the field of monetary policy and banking supervision.

The second axis of the presentation of the Director General of the Treasury to the draft monetary and banking law relates to the digitization of means of payment, through the establishment of a national committee for payment, as well as the expansion of the mission of the Bank of Algeria in the field of security and monitoring of payment systems to include clearing and delivery of financial instruments, in addition to the establishment of digital banks and bodies called “payment service providers”. Along with the introduction of a central bank digital currency. As for the third axis of the new legislative text, it is related to the activation of Islamic banking through the establishment of a legal framework for practicing the activity related to Islamic banking, which devotes, in particular, the possibility of accrediting banks and financial institutions that carry out operations related to Islamic banking exclusively, with regard to the fourth axis with regard to strengthening the monitoring and follow-up mechanism through the establishment of new committees. Especially the Financial Stability Committee in charge of the college’s prudential control and crisis management.