Passage A
The transition toward a cashless society is not merely a convenience of modern banking; it is a vital step toward a more transparent and efficient economy. Paper currency is anonymous, bulky, and expensive to print, secure, and transport. By replacing physical banknotes with digital transactions, societies can drastically reduce cash-associated crimes, such as tax evasion, money laundering, and counterfeiting. Every digital transaction leaves a traceable electronic footprint, making it far more difficult for illicit financial networks to operate undetected. Furthermore, digital payment systems lower transaction costs for small businesses, streamline accounting, and facilitate seamless international commerce. While critics raise concerns about surveillance, the regulatory framework can be designed to protect consumer privacy while preserving the benefits of traceability. Ultimately, cash is an analog relic in a digital world, and transitioning away from it will enable governments to better manage monetary policy, stabilize financial systems, and ensure that the modern economy operates with maximum integrity and efficiency.
Passage B
The enthusiastic push to eliminate physical currency overlooks a fundamental truth: cash is a cornerstone of economic liberty and financial inclusion. Unlike digital payment networks, cash requires no electricity, no internet connection, and no relationship with a private banking institution. For the millions of "unbanked" individuals worldwide—particularly low-income citizens, elderly populations, and undocumented immigrants—cash is the only accessible means of participating in the economy. Forcing a transition to digital-only transactions effectively disenfranchises these vulnerable groups. Moreover, cash provides absolute privacy, serving as a vital shield against corporate surveillance and state overreach. When every transaction is recorded, financial institutions and governments gain unprecedented access to citizens' private lives, creating potential for abuse. Finally, a cashless system introduces severe systemic vulnerability. A single cyberattack, power grid failure, or banking glitch can freeze an entire economy instantly. Cash acts as a crucial fail-safe. Relinquishing it for the sake of corporate convenience is a dangerous exchange of freedom and security for mere efficiency.
Based on the passages, which of the following best describes the difference in how the two authors view the role of tracking or tracing transactions in a cashless society?
- ABoth authors agree that tracking transactions is an essential mechanism for protecting the privacy of vulnerable populations from corporate overreach.
- BThe author of Passage A believes transaction tracking is a minor convenience, whereas the author of Passage B argues that it should be completely unregulated to preserve economic liberty.
- The author of Passage A views transaction traceability as a primary benefit that enhances economic security and reduces crime, while the author of Passage B views it as an invasive mechanism that compromises personal privacy.Answer
- DThe author of Passage A argues that tracking transactions will eliminate the need for regulatory frameworks, whereas the author of Passage B asserts that tracing transactions is the primary cause of cyberattacks.