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International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
                lack  of  harmonization  complicates  cross-border  e-  [2]   United  Nations  Conference  on  Trade  and
                commerce and stifles innovation in financial technology.   Development  (UNCTAD)  (2021).  Digital  Economy
                                                                     Report  2021:  Cross-border  Data  Flows  and
               Licensing and Compliance Costs: For small businesses
                                                                     Development.  Focuses  on  digital  transformation,  e-
                and startups, the regulatory requirements for operating
                                                                     commerce growth, and the regulatory environment
                in  the  digital  economy,  such  as  obtaining  licenses  or
                                                                     affecting financial inclusion.
                adhering  to  strict  compliance  measures,  can  be
                prohibitively expensive and complex.            [3]   International  Finance  Corporation  (IFC)  (2020).
                                                                     Digital Financial Services: Opportunities for Emerging
               Consumer Protection: Weak regulatory frameworks may   Examines the impact of digital financial services on
                fail to adequately address consumer rights, data privacy,   economic  development  and  barriers  to  financial
                and fraud prevention. This lack of trust in the system can   inclusion. Markets. Available at: UNCTAD Available at:
                discourage users from adopting digital platforms.
                                                                     IFC
               Cross-Border Trade: Regulatory barriers often make it   [4]   GSMA  (2022).  State  of  Mobile  Internet  Connectivity
                difficult  for  businesses  to  engage  in  cross-border  e-  Report 2022. Provides insights into mobile internet
                commerce. Issues such as tariffs, differing customs rules,   penetration, coverage gaps, and strategies to improve
                and taxation policies create hurdles for small businesses   rural connectivity. Available at: GSMA
                that want to expand internationally.
                                                                [5]   McKinsey & Company (2016). Digital Finance for All:
             4.6.  Solutions to Address Regulatory Barriers:
                                                                     Powering  Inclusive  Growth  in  Emerging  Economie
               Simplify   licensing   and   compliance   processes,
                                                                     Discusses  the  potential  of  digital  finance  to  foster
                particularly  for  small  businesses  and  startups,  to
                                                                     financial  inclusion  and  the  challenges  related  to
                encourage participation in the digital economy.
                                                                     infrastructure and regulation. Available at: McKinsey
               Harmonize e-commerce and digital finance regulations   [6]   Usha Kosarkar, Gopal Sakarkar, Shilpa Gedam (2022),
                across borders to enable smoother cross-border trade
                                                                     “An Analytical Perspective on Various Deep Learning
                and investment.
                                                                     Techniques for Deepfake Detection”, 1st International
               Strengthen consumer protection laws and build robust   Conference  on  Artificial  Intelligence  and  Big  Data
                frameworks  for  data  privacy,  fraud  detection,  and   Analytics (ICAIBDA), 10th & 11th June 2022, 2456-
                dispute resolution to foster trust in the system.    3463,     Volume      7,     PP.     25-30,
                                                                     https://doi.org/10.46335/IJIES.2022.7.8.5
               Foster dialogue between governments, industry players,
                and  international  organizations  to  create  a  balanced   [7]   Usha Kosarkar, Gopal Sakarkar, Shilpa Gedam (2022),
                regulatory environment that supports innovation while   “An Analytical Perspective on Various Deep Learning
                                                                                                    st
                ensuring fair practices.                             Techniques for Deepfake Detection”, 1  International
                                                                     Conference  on  Artificial  Intelligence  and  Big  Data
             5.  Conclusion
                                                                                         th
                                                                     Analytics  (ICAIBDA),  10   &  11   June  2022,  2456-
                                                                                               th
             In conclusion, addressing the key barriers of infrastructure,
                                                                     3463,     Volume      7,     PP.     25-30,
             digital literacy, and regulatory frameworks is essential for
                                                                     https://doi.org/10.46335/IJIES.2022.7.8.5
             maximizing the potential of e-commerce to advance financial
             inclusion.  Reliable  internet  access  and  mobile  network   [8]   Usha Kosarkar, Gopal Sakarkar, Shilpa Gedam (2022),
             coverage  are  foundational  for  rural  populations  to   “Revealing  and  Classification  of  Deepfakes  Videos
             participate  in  the  digital  economy,  while  investments  in   Images  using  a  Customize  Convolution  Neural
             community-driven digital literacy programs help individuals   Network Model”, International Conference on Machine
                                                                                                              th
                                                                                                         th
             navigate  e-commerce  platforms  and  financial  services   Learning and  Data Engineering (ICMLDE), 7   & 8
             effectively.  Collaborative  efforts  between  governments,   September 2022, 2636-2652, Volume 218, PP. 2636-
             private sectors, and development organizations can drive   2652, https://doi.org/10.1016/j.procs.2023.01.237
             infrastructure  expansion  and  educational  initiatives,   [9]
             ensuring that underserved communities are not left behind.   Usha Kosarkar, Gopal Sakarkar (2023), “Unmasking
                                                                     Deep Fakes: Advancements, Challenges, and Ethical
             Equally  important  is  the  need  for  clear,  harmonized   Considerations”,  4   International  Conference  on
                                                                                     th
                                                                                                             th
             regulatory  frameworks  that  balance  innovation  with   Electrical and Electronics Engineering (ICEEE),19  &
                                                                       th
             consumer  protection.  Simplifying  compliance  for  small   20  August 2023, 978-981-99-8661-3, Volume 1115,
             businesses and strengthening cross-border trade regulations   PP. 249-262, https://doi.org/10.1007/978-981-99-
             enable  broader  participation  in  the  global  marketplace.   8661-3_19
             When these challenges are tackled holistically, e-commerce   [10]
             can  serve  as  a  powerful  catalyst  for  economic  growth,   Usha Kosarkar, Gopal Sakarkar, Shilpa Gedam (2021),
                                                                     “Deepfakes, a threat to society”, International Journal
             improved  livelihoods,  and  social  equity,  creating  a  more
                                                                     of  Scientific  Research  in  Science  and  Technology
             inclusive and connected world where everyone can access
                                                                     (IJSRST), 13  October 2021, 2395-602X, Volume 9,
                                                                               th
             the benefits of the digital economy.
                                                                     Issue        6,       PP.        1132-1140,
             6.  REFRENCES                                           https://ijsrst.com/IJSRST219682
             [1]   World Bank Group (2022). The Global Findex Database   [11]
                  2021:  Financial  Inclusion,  Digital  Payments,  and   Usha Kosarkar, Prachi Sasankar(2021), “ A study for
                                                                     Face  Recognition  using  techniques  PCA  and  KNN”,
                  Resilience  in  the  Age  of  COVID-19.  This  report   Journal of Computer Engineering (IOSR-JCE), 2278-
                  highlights global trends in financial inclusion, digital   0661, PP 2-5,
                  payments,  and  how  digital  tools  have  impacted
                  underserved populations. Available at: World Bank
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