My Rookie Pieces 2: Electronic Business

AWA Issue 8

"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.”



On the quote, the speaker is obviously affirmative with the application and prevalence of Electronic Monetary System. The prospect of converting the world’s monetary system of metal coins and printed paper into a computerized system of credits and debits is arresting. Even though the opponent of this viewpoint may argue that the suggestive way is unable to be applied in every corner of world, besides, in practical sense, the electronic facilities are some what impossible for undeveloped regions. Yet, the tendency of conversion from current system to electronic system is absolute potentially.
(My view, however, is that conversion to a digital economy has far-reaching economic and social virtues that outweigh the potential risk of misuse by a political elite.)


The enthusiast of digital sense will firstly regard the conversion as a crucial step towards global business development. In reality, the commercial exchange will be speeded up via the full use of digital system. (Herein lies the main virtue of a digital economy.) Moreover, the people all over the world will get more chances to browse what they desire, which intensify the profit-making exchanges globally.
(In facilitating trade among nations, consumers worldwide would enjoy a broader range of goods at more competitive prices.)

The second opinion to explain why I agree the speaker’s thought lies in that the electronic deal will considerably reduce the cost of business. Concerning the substantial time, energy, even paper we spend in the traditional dealing way, electronic system will thus obtain a great advantage to win.( In addition, a digital economy would afford customers added convenience, while at the same time saving money for businesses. Making purchases with electronic currency would be simple, fast, and secure ) In such expect, there is no need to carry cash out, i.e, the troublesome pay-and-go process will be get rid of. Simultaneously, the wild use of internet will more or less reduce the heavy burden of environmental protection.

The third point I cite to support speaker’s viewpoint is that Internet business will in some wise diminish rates of illegal deals. For the on-line police is capable to oversee the whole dealing process. Even the wisest sharp-shooter is under surveillance by then. (A third benefit of such a system is its potential to eliminate illegal monetary transactions. Traffickers of illegal arms and drugs, dealers in black-market contraband, and counterfeiters all rely on tangible currency to conduct their activities.) Let alone the business ethics, the internet business will reduce the use of bogus tangible money. In another word, it is no longer easy to be cheated by fake money. In addition, illegal conducts and transaction of money, evasion of tax even contraband will be decreased via internet. (As a result, illegal monetary transactions could be virtually eliminated. A related benefit would be the ability to thwart tax evasion by collecting tax revenues on transactions that otherwise would not be recorded)

To sum up, even though that computerized business are still defective and unpractical in that electronic equipments aren’t wide-spread enough to support the transaction in so far. At any rate, the benefit that it creates more opportunities for business deal, reduces the potential risk of illegal transaction, prevents the circulation of bogus currency has outweighed all defects it has. Hence, one can predict that an irresistible strike will take place in our life.
(The economic benefits, convenience and savings afforded by such a system, along with the potential to reduce crime, far outweigh the remote loss of a significant social or political shift toward totalitarianism.)


Photo:The THIRD POLE bookstore---Peking.