Rapidly increasing technology will have a profound affect on all commercial activity, making it impossible to erect the traditional boundaries that have contributed to how commerce is conducted. Minister of Finance William Allen has referred to the world wide web as a boundary-less, unregulated, omnipresent medium challenging the present legal and commercial frameworks. One, he states, which will almost certainly result in significant legislative adjustments.
The Government of The Bahamas is keen to embrace and expand e-commerce, and is actively investigating e-business as an extension of services in the Bahamian economy. Effective January 2000, development of electronic commerce has been added to the portfolio of the Minister of Finance and the Government predicts that e-commerce will join tourism and financial services as a third pillar of The Bahamas’ burgeoning services sector.
In tandem with governmental efforts, the Bahamas Financial Services Board has appointed a special Working Group to prepare input on a policy framework for e-commerce development in The Bahamas, including key points to be included in e-commerce legislation.