For hundreds of years, the monetary system of most countries has been caused on the exchange of metal coins and printed pieces of paper. However, because of recent developments in technology, the international community should consider replacing the entire system of coins and paper with a system of electronic accounts of credits and debits.
Discuss the extent to which you agree or disagree with the opinion stated above. Support your point of view with reasons and/or examples from your own experience, observations, or reading.
I completely agree with the above said argument that the international community should replace the system of exchange of metal coins and printed pieces of paper with the system of electronic accounts of credits and debits but with slight precautions.
Firstly, electronic systems are fast and easy to maintain and operate. With the technological advancements like Mobile Banking and Internet Banking, one can use his/her account hassle-free from anywhere of the world with just a phone connection or Internet. There would not be further need to running to and fro the banks anymore with the tension of finding the branch near a particular location.
Secondly, with the use of credit cards and debit cards, one can do the transactions in any part of the world without worrying of the currency of the native and foreign countries and thus, it makes the life of busy persons like that of a business person highly convenient.
Thirdly, with the crunch of natural resources looming over our heads, giving up the system of papers and coins can help to preserve the metals and papers, thus aiding in the spread of go green campaigns.
On the other hand, we cannot ignore the possibility of security threats attached with the electronic accounts. For example, there are numerous cases filed for the cheat and fraud in the bank accounts over the Internet n the last decade. How can one possibly ignore the famous scene from the Hollywood movie, Entrapment, where the protagonists transfer a big amount by intruding the computers system to steal the money on the New Year eve? Imagining such an incident in reality can leave anyone’s nerve chilling. Thus, proper stringent measures of security should be ensured and stringent government laws should back them for heavy punishment for the guilty.
Additionally, some parts of the world are not so advanced enough to embrace such advanced technologies as computers such as Africa and so on. In such a scenario, we should take adequate precautions that may not leave the backward countries completely isolated from the world community.
Therefore, even though it will be really advantageous for the international community to adapt the system of electronic accounts, proper precautions should be taken to handle its shortcomings as discussed earlier.