New forms of money are becoming extremely popular nowadays. Is this a positive development or adding risk to the system? Should new money technology face greater regulation and scrutiny? Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words. You should spend about 40 minutes on this task.

#forms #money #development #risk #system #technology #face #regulation #scrutiny #minutes

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The finance system has been changing throughout the world with the development of technology in the

last

Linking Words

decades .

Crypto

Correct your spelling

Cryptomoney

money

Use synonyms

currency

Use synonyms

has been very popular among

people

Use synonyms

as an investment tool. Nowadays, the most popular cryptocurrency is Bitcoin, even though, there are a lot of sub-cons. Cryptocurrency

also

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has its own market,

also

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Therefore

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People

Use synonyms

have been discussing whether

this

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new

currency

Use synonyms

is safe enough or creating a new risk to the existing system. I think that new forms of

money

Use synonyms

should be investigated thoroughly with detailed regulations by

countries

Use synonyms

. All

countries

Use synonyms

have their own

currency

Use synonyms

and their central bank.

Money

Use synonyms

is published by

countries

Use synonyms

' central banks with the approval of their governments.

This

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process is quite complicated and the central bank should have enough income

such

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as precious metals etc.,

while

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publishing new

money

Use synonyms

Due to

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the fact that fluctuation of

currency

Use synonyms

and inflation rate have been calculated

according to

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countries

Use synonyms

' financial power.

However

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, considering these complicated systems in the

countries

Use synonyms

, it is not clear who produces

this

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currency

Use synonyms

Moreover

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, how is the value of the crypto coin set and who decides? It is produced in computer farms without

controlling

Wrong verb form

being controlled

show examples

officially. Some of the finance

people

Use synonyms

think that it will be ended sooner as a soup foam. I agree with them and

also

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I think that it is quite similar to gambling like rolling the dice. The ironic situation is that some

people

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have been increasing their income with

this

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market.

On the other hand

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, some of them have cheated and lost their

money

Use synonyms

this

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market. In conclusion, I firmly support that there should be clear definitions and strict investigations for the new forms of

money

Use synonyms

This

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should not be turned into a new gambling medium.

Submitted by nilufer.korkmaz on Mon Sep 25 2023

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11
Linking words
meeting the goal of 7 or more
4
Word repetition
meeting the goal of 3 or fewer
2
Grammar mistakes
detected issues

0123456789.0505

Overall Band Score

Coherence and Cohesion: 7.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 6.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 7.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 7.0

Complete response

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

4 paragraphs

289 words

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Topic Vocabulary:

Cryptocurrencies
Digital payment platforms
Blockchain
Transaction costs
Financial services
Volatility
Consumer protection
Fraud
Financial stability
Regulation
Scrutiny
Innovation
Decentralized finance (DeFi)
Economic landscape
Cybersecurity
Money laundering
Central bank digital currency (CBDC)

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