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write an essay on central banking digital currency.

write an essay on central banking digital currency. VyymA
CBDC(central banking digital currency) As we know many giant companies such as the US, UK, China, and a few other countries are emerging with own their digital-formed currencies, CBDC, now our country is also going to launch its own digital currency and stand globally. Central bank digital currency is just a digital version of currency. For example, India's CBDC will be the digital version of the rupee, china’s will be the digital version of the yuan, etc. A few years ago, cryptocurrencies were launched. They have a lot of advantages over physical currency but also have several other loopholes due to not being regulated properly. So to take advantage of technologies several countries are going to launch their own state-based digital currencies that work within the country. Digital currencies can store data such as who transferred to it whom. It will be like a ledger for each digital coin. The transparency in the flow of currency would help the government to trace illegal activities such as money laundering, corruption, black money, etc. It will help in deterring financial crimes to a large extent. Its transaction speeds are faster and the speed stays the same all the time, even on the days of bank holidays. By using CBDC, international transactions will become easier and faster. Its fee transaction is very less than other transactions which have been digitally done. Thus, it has lots of advantages but while it's launching we should know about the hindrances that obstruct its pathways. As India is an agriculture-based economy where citizens are less educated but we can’t deny as an evolving country India has increased its status. Yet, there is many urban and rural citizens who are illiterate. They do not know how to access the techno gadgets. As the CBDC is state-owned, it requires human resources and other infrastructures that operate too. Meanwhile, the transaction, if there is technical server problem arise that can create distrust towards the government. By increasing use of it, it has increased the competition among the commercial banks. Since it is the state-owned currency that leads to geographical restrictions as we can’t do the transaction internationally. If the CBDC is crypto-based CBDC can increase its price high. It will also increase system wide-bank runs which lead to the financial crisis due to clients want to withdraw their money from banks as banks would lose their existence. As we have moved in the technology era so we should rely on the digital version of currency but also we should be careful about its consequences as “every coin has two aspects. ” As cashless transactions are rising it leads to cybercrimes at an increasing rate. So, if the CBDC is launched without strengthening cybersecurity, it may invite more trouble. Even though digital currencies maintain the leger of transaction and contain advanced technology to trace financial crimes but it can be misused for money laundering, terror funding, and also other illegal activities. At present, many criminals are using cryptocurrencies for illegal activities. As we lived in the modern era that is called the technology era where privacy is more important than gold. When we have done transactions digitally, our data can be hacked so it leads to privacy issues.
Possible spelling mistake found.
CBDC
(central banking digital currency)

As we know
This phrase/word is too simple and can be replaced with:
many
giant
This phrase/word (depending on the context) can be potentially replaced with :
companies
such as the US, UK, China, and a few
You use this word too often, consider replacing it with
other
You use this word too often, consider replacing it with
countries
are emerging with
This phrase/word (depending on the context) can be potentially replaced with :
own
their digital-formed
You use this word too often, consider replacing it with
currencies
,
Possible spelling mistake found.
CBDC
,
This phrase/word (depending on the context) can be potentially replaced with :
now
our
You use this word too often, consider replacing it with
country
is
also
going to launch its
This phrase/word (depending on the context) can be potentially replaced with :
own
digital
You use this word too often, consider replacing it with
currency
and stand globally.

Central
You use this word too often, consider replacing it with
bank
digital
You use this word too often, consider replacing it with
currency
is
This phrase/word is too simple and can be replaced with:
just
a digital
You use this word too often, consider replacing it with
version
of
You use this word too often, consider replacing it with
currency
.
For example
, India's
Possible spelling mistake found.
CBDC
will be the digital
You use this word too often, consider replacing it with
version
of the rupee, china’s will be the digital
You use this word too often, consider replacing it with
version
of the yuan, etc. A few years ago, cryptocurrencies
were launched
. They have
This phrase/word is too simple and can be replaced with:
a lot of
advantages over physical
You use this word too often, consider replacing it with
currency
This phrase/word is too simple and can be replaced with:
but
also
have several
You use this word too often, consider replacing it with
other
loopholes due to not
being regulated
properly
.
This phrase/word is too simple and can be replaced with:
So
to take advantage of
You use this word too often, consider replacing it with
technologies
several
You use this word too often, consider replacing it with
countries
are going to launch their
This phrase/word (depending on the context) can be potentially replaced with :
own
state-based digital
You use this word too often, consider replacing it with
currencies
that work within the country.

Digital
You use this word too often, consider replacing it with
currencies
can store data such as who transferred to it whom. It will be like a ledger for each digital coin. The transparency in the flow of
You use this word too often, consider replacing it with
currency
would
This phrase/word (depending on the context) can be potentially replaced with :
help
the
This phrase/word (depending on the context) can be potentially replaced with :
government
to trace illegal activities such as
You use this word too often, consider replacing it with
money
laundering, corruption, black
You use this word too often, consider replacing it with
money
, etc. It will
This phrase/word (depending on the context) can be potentially replaced with :
help
in deterring financial crimes to a large extent. Its
You use this word too often, consider replacing it with
transaction
speeds are faster and the speed stays the same all the time, even on the days of
You use this word too often, consider replacing it with
bank
holidays. By using
Possible spelling mistake found.
CBDC
, international
You use this word too often, consider replacing it with
transactions
will become easier and faster. Its fee
You use this word too often, consider replacing it with
transaction
is
This phrase/word is too simple and can be replaced with:
very
less than
You use this word too often, consider replacing it with
other
You use this word too often, consider replacing it with
transactions
which have been
digitally
done.

Thus
, it has lots of advantages
This phrase/word is too simple and can be replaced with:
but
while it's launching we should know about the hindrances that obstruct its pathways. As India is an agriculture-based economy where citizens are less educated
This phrase/word is too simple and can be replaced with:
but
we can’t deny as an evolving
You use this word too often, consider replacing it with
country
India has increased its status.
Yet
, there is
This phrase/word is too simple and can be replaced with:
many
urban and rural citizens who are illiterate. They do not know how to access the techno gadgets. As the
Possible spelling mistake found.
CBDC
is state-
This phrase/word (depending on the context) can be potentially replaced with :
owned
, it requires human resources and
You use this word too often, consider replacing it with
other
infrastructures that operate too. Meanwhile, the
You use this word too often, consider replacing it with
transaction
, if there is technical server problem arise that can create distrust towards the
This phrase/word (depending on the context) can be potentially replaced with :
government
. By increasing
This phrase/word (depending on the context) can be potentially replaced with :
use
of it, it has increased the competition among the commercial
You use this word too often, consider replacing it with
banks
. Since it is the state-
This phrase/word (depending on the context) can be potentially replaced with :
owned
You use this word too often, consider replacing it with
currency
that leads to geographical restrictions as we can’t do the
You use this word too often, consider replacing it with
transaction
internationally
.
“If” at the beginning of a sentence usually requires a 2nd clause. Maybe a comma, question or exclamation mark is missing, or the sentence is incomplete and should be joined with the following sentence.
If
the
Possible spelling mistake found.
CBDC
is crypto-based
Possible spelling mistake found.
CBDC
can increase its price high. It will
also
increase system wide-bank runs which
You use this word too often, consider replacing it with
lead
to the financial crisis due to clients want to withdraw their
You use this word too often, consider replacing it with
money
from
You use this word too often, consider replacing it with
banks
as
You use this word too often, consider replacing it with
banks
would lose their existence.

As we have
This phrase/word (depending on the context) can be potentially replaced with :
moved
in the
You use this word too often, consider replacing it with
technology
era
This phrase/word is too simple and can be replaced with:
so
we should rely on the digital
You use this word too often, consider replacing it with
version
of
You use this word too often, consider replacing it with
currency
This phrase/word is too simple and can be replaced with:
but
also
we should be careful about its consequences as “every coin has two aspects. ” As cashless
You use this word too often, consider replacing it with
transactions
are rising it leads to
Possible spelling mistake found.
cybercrimes
at an increasing rate.
This phrase/word is too simple and can be replaced with:
So
, if the
Possible spelling mistake found.
CBDC
is launched
without strengthening cybersecurity, it may invite more trouble.
Even though
digital
You use this word too often, consider replacing it with
currencies
maintain the
Possible spelling mistake found.
leger
of
You use this word too often, consider replacing it with
transaction
and contain advanced
You use this word too often, consider replacing it with
technology
to trace financial crimes
This phrase/word is too simple and can be replaced with:
but
it can
be misused
for
You use this word too often, consider replacing it with
money
laundering, terror funding, and
also
You use this word too often, consider replacing it with
other
illegal activities. At present,
This phrase/word is too simple and can be replaced with:
many
criminals are using cryptocurrencies for illegal activities.
“As” at the beginning of a sentence usually requires a 2nd clause. Maybe a comma, question or exclamation mark is missing, or the sentence is incomplete and should be joined with the following sentence.
As
we
This phrase/word (depending on the context) can be potentially replaced with :
lived
in the modern era that
is called
the
You use this word too often, consider replacing it with
technology
era where privacy is more
This phrase/word is too simple and can be replaced with:
important
than gold. When we have done
You use this word too often, consider replacing it with
transactions
digitally
, our data can
be hacked
This phrase/word is too simple and can be replaced with:
so
it leads to privacy issues.
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IELTS essay write an essay on central banking digital currency.

Essay
  American English
5 paragraphs
537 words
5.5
Overall Band Score
Coherence and Cohesion: 5.5
  • Structure your answers in logical paragraphs
  • ?
    One main idea per paragraph
  • Include an introduction and conclusion
  • Support main points with an explanation and then an example
  • Use cohesive linking words accurately and appropriately
  • Vary your linking phrases using synonyms
Lexical Resource: 5.0
  • Try to vary your vocabulary using accurate synonyms
  • Use less common question specific words that accurately convey meaning
  • Check your work for spelling and word formation mistakes
Grammatical Range: 6.0
  • Use a variety of complex and simple sentences
  • Check your writing for errors
Task Achievement: 6.0
  • Answer all parts of the question
  • ?
    Present relevant ideas
  • Fully explain these ideas
  • Support ideas with relevant, specific examples
Labels Descriptions
  • ?
    Currently is not available
  • Meet the criteria
  • Doesn't meet the criteria
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