“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 entir

Many people think that the monetary system should be based on the exchange of metals coins and printed pieces of paper as it has been done for hundreds of years. However, some think that the system of entire coins and paper should be replaced with a system of electronic credits and debits. They think that as the world has acknowledged many developments in technology, the international community should replace the old system with a new electronic system. I completely agree with the latter group of people that there should be replacement of coins and paper with a new system of electronic accounts of credits and debits.

Firstly, I feel that the system of monetary exchange involving metal coins and printed pieces of paper has been outdated. There are many disadvantages of the older system such as it is very time consuming. For instance, if there has to be trade between to foreign countries, then monetary exchange with the help of coins and papers is very time consuming. Instead, if new electronic system of debit and credit is used, then within the transaction would be completed within a matter of minutes.

Moreover, there is a lot of difference between the time that was hundred years ago and time present time. At present there is no value for old metal coins and printed pieces of paper, therefore the old monetary exchange system will not prevail in today’s international market. In addition to this, if there has to be trade between two foreign countries, then it would be difficult to exchange one county’s metal coins or printer paper material with other because each country has its own monetary value.

Secondly, there are many advantages with regard to the new system of electronic monetary exchange. One among them is that there will be less fraud and illegal cases with a system of debits and credits as all the transactions will be automatically stored and can also be protected with the help of passwords. Similarly, a lot of secret matter of a company or organization can be hided with the help of electronic codes. Different countries having different currency values can easily have trade with each other as electronic medium solves the exchange issue easily. The transactions between many countries can be done in a less time which is a boon for international community.

In conclusion, while there are many arguments to be made for both the sides of the situation. I feel there are more advantages to the one I stated. With the help of clear reasons I feel that the old system of monetary exchange with the help of coins and papers should be replaced with a new electronic system of debit and credits.