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GMAT Practice Essay 28?

“For hundreds of years, the monetary system of most countries has been based 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 views with reasons and/or examples from your own experience, observations, or reading.

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The sustainability of our civilization would not have maintained if we never adopted a currency system. Dating thousands of years in the past, we have been using a currency to bartender and exchange our necessities with that of others. As the time progressed, we gradually adopted non-perishable metal and paper currency that had relatively low face par value, yet hard to counterfeit. However, with the introduction of the cyber space and the advancement in our technology, the international community is pondering something that was never an issue before. Should we adopt a technology and replace our paper and metal currency with that of technology codes and electronic mediums? Considering both the environmental and social benefits to human society, the international community needs to realize that paper and metal mediums of currency are outdated and must be changed in order to meet our advanced world today.

On average the world is using 100 tons of papers and 150 tons of metals to produce new currency every year. That number is equivalent to 50 million trees and 20 million mines fields being depleted each year. The World Bank estimated in 2012 that we as a human race is depleting the land-size of Amazon forest each year, just to make a currency that has relatively low face-par value. Rather than destroying our environment and assigning arbitrary values to something that has little face values, our race should find a way to use different currency medium that can save the environment. In 2010, the international committee met in Europe and argued whether the world currency should be united under a cyber medium. By implementing the currency with algorithms and codes, the committee stated that we as human race can save a million-square-feet forest each year. In addition, the electronic medium of currency would be far more economical, as we no longer have to consider labor and transportation costs of trees and process costs of creating a paper bill. Such adoption will not only save the environment, but also save social cost and allow us to use the extra fund on other issues.

Not only does switching the currency medium to cyber-codes save the environment and money, it also guard against the counterfeits. Each year alone, the world is losing $1 trillion from currency counterfeiting. Advanced printing and photocopying techniques allowed people to counterfeit paper bills and disrupt the economy. However, with the introduction of the technology currency, a person can no longer re-print and copy paper bills. Furthermore, counterfeiters cannot simply release counterfeited currency in to the computer system. First, the counterfeiters will not have an access to the backside of system, restricted from changing the currency circulation in the first place. Second, the computer medium is much harder to manipulate than the paper and metal medium. Anyone has an access to the paper, but not anyone has an access to the system. Symentec said in a coneference in 2008 that the world should adopt an electronic-based currency to prevent counterfeiters from releasing fake money into the system. As late as 2010 when the international committee met in Europe to discuss the new medium of the currency, the security of currency circulation was relatively new. However, we expect the committee to focus more on the security of currency circulation and preventing counterfeiters from introducing fake money into the money market.

With the advanced technology, we as a society have to consider everything based on the environmental, economical, and social point of views. The medium of our currency lacks strong advantages in all of these fields. The time has now come for us to revolutionize our currency and safeguard our currency from the environmental, economical, and social disasters by adopting more secure and cost saving electronic medium or traditional paper and metal forms.

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  • 8 years ago
    Best Answer

    good

    Source(s): good
  • 3 years ago

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