Nowadays with the fast developing technologies new forms of money appear. New methods of payment are becoming more popular all over the world. In this essay will be discussed the positive impact of new forms of money and the need of its regulation.
To begin with, new methods of payment are considered to be a significantly positive development. The main reason is that they let people pay easier online and offline. With the appearing of bank cards online shopping has become possible. What is more, it has been always slightly dangerous to pay by cash as robbers could easily grab banknotes and run away. New forms of money solve this problem as the user can easily transfer money to the other account and block the stolen card in the application. Moreover, people do not have to carry anything extra with them (heavy coins, for instance), just their mobile phones or cards, which makes shopping more satisfying. According to the latest survey, people around the globe prefer newly developed methods of payment to the traditional cash payment due to the convenience and safety of the first ones.
However, along with the developing of new forms of money governments of many countries need to learn how to regulate them properly. First of all, it is crucial to understand how these new methods work in order to explain citizens how new forms of money should be used. Secondly, a clear scrutiny is required to protect users from possible risks. It is a well-known fact that crypto currency nowadays is widely used in illegal businesses just because some governments simply do not know what is crypto currency and how to control it.
All in all, new technologies bring us many different forms of money we have never heard about. Although some of them are useful and helpful, still a careful regulation is needed in order to minimize the risks.