Please write down your thoughts after reading the paragraphs ie. agree or disagr
ID: 2820733 • Letter: P
Question
Please write down your thoughts after reading the paragraphs ie. agree or disagree and why? (Min 5 sentences 150 words + )
From the recent era, I strongly believe that our currencies and economic system will slowly transfer into the "cryptocurrencies" and "bitcoins". As the TED Talk, the people, nowadays, are not trust the bank and government to save or loan the money. Instead, they choose the company use the real money transfer( saving) into the online payment, because they believe they are more stable. The most important is that, in this currency, with the highly develop of high-tech device and technique, the online coin do bring a lots of convenient to the human society. Due to both of advantages that I mention above, the online coin do substitute the real money slowly. The real example in my life and very impressive me is that, in China, the most common and popular software is called WeChat, and every people will download it on the phone. Not only it can use to chatting, but also, it can pay for the products in every Chinese market instead of using the crash, or bank card.
So, what is the role of the government and bank under this currency? As all we know, the government and bank are on the same alley. When the online payment do threaten the main position of the bank in this society and ruin the bank system and services, the government will definitely setting the rule at the first time to protect and defense the main profit of they alley. So, in my word, the government will be the role who interfere, or even stop this currency.
Explanation / Answer
With the emergence of alternative mode of payments like cryptocurrencies, bitcoins and e-wallets government will not play the role of stopping these modes of payments. Rather they will be making better and stronger rules and regulations for governing these alternative modes of payments so that the interests of the consumers are protected.
Banks, across the globe, are well regulated by the government of each country. Each country has a central bank that oversees the functioning of the banking institutions. This is done to protect the interests of the consumers and citizens and to ensure that banks are functioning in an effective manner to take deposits and give loans to people and industries.
The emergence of new modes of payments cannot be stopped given the technological advances taking place in the financial services industry. New and more convenient modes of payments will keep cropping up with advances in technology. Banks and governments will not be concerned with this development as people will still use banks for receiving their salaries, taking loans and making deposits.
Hence, I disagree with the notion that government will interfere and try to stop alternative currencies.
(189 words)