Cryptocurrencies and digital currencies have become increasingly prevalent topics in IELTS Writing Task 2 examinations. Based on analysis of past exam questions, this theme has appeared multiple times in various forms since 2019, particularly focusing on regulations, adoption challenges, and economic impact. Let’s explore some authentic examples and provide model answers for different band scores.
Cryptocurrency: future of money? continues to be a hot topic in academic discussions and IELTS examinations. Here’s a recent question that appeared in 2023:
Some people believe that cryptocurrencies will eventually replace traditional money and become the primary method of payment worldwide. Others think traditional currency will always be necessary. Discuss both views and give your opinion.
Analysis of the Question
- Task: Discussion + Opinion
- Key points to address:
- Arguments for cryptocurrency adoption
- Arguments for traditional currency retention
- Personal stance with justification
Cryptocurrency versus traditional money debate in global economy
Model Answer 1 (Band 8.5)
The debate over whether cryptocurrencies will supersede conventional money has gained significant traction in recent years. While both sides present compelling arguments, I believe that a hybrid system incorporating both forms of currency is most likely to emerge.
Proponents of cryptocurrency dominance argue that digital currencies offer several advantages over traditional money. Firstly, cryptocurrencies enable faster, cheaper international transactions without intermediary banks, making them particularly attractive for cross-border commerce. Additionally, blockchain technology provides transparency and security features that traditional banking systems cannot match. As how digital currency improves cross-border payments shows, these benefits are already transforming global finance.
However, advocates of traditional currency systems present equally valid counterarguments. Central banks’ ability to implement monetary policy and maintain economic stability relies heavily on conventional currency control. Moreover, traditional money remains more accessible to populations with limited technological literacy or internet access. The importance of how financial regulations protect investors cannot be understated in maintaining economic stability.
In my view, the future will likely see a complementary relationship between both forms of money. While cryptocurrencies will continue to gain prominence in specific sectors like international trade and digital commerce, traditional currency will retain its role in daily transactions and government operations. This balanced approach would harness the innovations of digital currencies while preserving the stability of conventional monetary systems.
Integration of cryptocurrency and traditional banking systems
Model Answer 2 (Band 6.5)
The question of whether cryptocurrencies will replace traditional money is widely discussed today. In my opinion, both types of currency will continue to exist together in the future.
Some people think cryptocurrencies will become the main form of money. They say digital currencies are faster and cheaper to use than normal money. For example, sending money to other countries using cryptocurrency takes minutes instead of days. Also, impact of new regulations on cryptocurrency shows that these systems are becoming safer and more reliable.
However, other people believe traditional money will always be necessary. They think that regular money is easier to use for everyday shopping and paying bills. Many older people don’t understand how to use cryptocurrencies. Also, governments need traditional money to control their economies.
I think both types of money will be important in the future. Cryptocurrencies will be good for some things like online shopping and international business. But traditional money will still be needed for regular daily life. This way, people can choose what works best for them.
Score Analysis
Band 8.5 Essay:
- Sophisticated vocabulary and complex structures
- Clear organization with well-developed ideas
- Effective use of examples and transitions
- Balanced discussion with clear personal stance
- Coherent paragraphing and logical flow
Band 6.5 Essay:
- Simple but clear vocabulary
- Basic paragraph structure
- Some examples provided
- Less sophisticated arguments
- Limited range of complex sentences
Key Vocabulary
- Cryptocurrency (n) /ˌkrɪptəʊˈkʌrənsi/ – digital or virtual currency
- Supersede (v) /ˌsuːpəˈsiːd/ – replace, take the place of
- Intermediary (n) /ˌɪntəˈmiːdiəri/ – middleman or mediator
- Blockchain (n) /ˈblɒktʃeɪn/ – digital ledger technology
- Monetary policy (n) /ˈmʌnɪtəri ˈpɒləsi/ – central bank’s actions to control money supply
For practice, try writing your own essay on this topic and share it in the comments. Future variations might include questions about cryptocurrency regulations, environmental impact of mining, or digital currency adoption in developing nations.
