The draft will be presented in the Jatiya Sangsad after taking opinion from Internet Governance Forum, different platforms and media shortly, he said.
The State Minister came up with the remarks while attending a virtual meeting of Bangladesh Internet Governance Forum (BIGF) on Friday night.
The country has around 11 crore internet users who are creating huge numbers of information each minute, Palak said.
“We have 58 banks and nine crore mobile financing e-wallet, these information could pose a threat to citizens’ privacy, if they are reserved outside the country,” he said.
Despite technology having made life easier, but also created risks as information is an asset, the State Minister said.
The data privacy and localization law is being formulated after fixing the categories of different data to ensure security, he added.
Also read: Govt planning to formulate data privacy protection law: Palak