Listen to the monologue carefully, then answer the following questions in your notebook. Electronic money or e-money has revolutionized the way we handle financial transactions. It's undeniable that e-money offers numerous benefits.
It's convenient, fast, and often more secure than traditional cash transactions. It allows us to make payments, transfer funds, and manage our finances with a few taps on our smartphones. But, as with any technological advancement, there are risks.
and concerns to consider. One of the most pressing issues is cyber security. E-money platforms are attractive targets for hackers and cyber criminals. A single breach can result in the loss of sensitive financial data and significant financial damage. Regulatory challenges are another point of contention.
Many countries struggle to to keep up with the rapid evolution of e-money, leading to inconsistent regulations and oversight. This creates an environment where illegal activities like money laundering and fraud can thrive. Moreover, e-money can contribute to financial exclusion. Not everyone has access to smartphones or the internet, making it difficult for some individuals to participate in the digital economy. This raises questions about social and economic inequality.
Additionally, the reliance on e-money may lead to reduced privacy. Every transaction leaves a digital footprint, raising concerns about surveillance and the potential misuse of personal data. In conclusion, While e-money offers undeniable advantages, it's crucial to recognize and address the associated risks. Cybersecurity, regulatory consistency, financial inclusion, and privacy are all important aspects to consider as we continue to navigate the digital financial landscape.