The monetary system deals with the flow of currency in the country which has a crucial impact on how the economy works. The changes occurred in the modern monetary system has impacted the economies all around the world. The trends in the fields of finance, investments, business, marketing, etc have undergone various changes and changes are both positive and negative.
MODERN MONETARY SYSTEMS AND ITS IMPACT
One of the most substantial impacts which the modern monetary system had is the ease of conducting business. Those who seek resources are readily able to meet the investors making it a multi-beneficial framework. The access to banks accounts via e-banking, through internet and software mobile/computer-based applications has given the customers an unprecedented efficiency.
However, due to such automation, a new paradigm of threats has come along, most prevalent being the vulnerability to cybercrime. Over the years, theft via the internet has caused damages to people all around the world. Most pressing matter in this regard is that the threat does not necessarily have to be in the vicinity. Rather someone sitting thousands of miles away can access the account via simple internet and any computer device. Furthermore, the possibility of the loans being defaulted has also increased as the background checks are not thoroughly conducted since more money is ready to be loaned to the people seeking it.