eTransaction Act

The Electronic Transactions Act is available now as a draft project which is expected to be formally approved and issued in early 1426H (Early 2005). The objective of this regulation is to control and regulate electronic transactions and provide a legal framework that fulfills the following goals:

• Establish legal regulations for electronic transactions and digital signatures so as to strengthen confidence in them and facilitate their use in the public and private sectors through reliable digital records.
• Consolidate the use of electronic transactions at local and international levels so that they can be utilized in all fields such as commerce, medicine, education, e-Government, e-payment systems, and other applications.
• Eliminate any obstacles that may hinder or delay the use of electronic transactions and digital signatures.
• Reduce and limit abuse cases and potential fraud in electronic transactions and digital signatures, such as forging and embezzlement.