In the Pearson Test of English (PTE) exam, the Summarize Written Text task in the Speaking & Writing section presents a passage that must be summarized accurately in one sentence. In this exercise, we focus on the keyword Digital currency impact on finance, a topic that is gaining increased relevance with the rise of cryptocurrencies and their influence on the financial industry.
The task below will help you practice summarizing effectively, offering valuable insights into how digital currencies are transforming global finance.
Example Summarize Written Text Task on Digital Currency Impact
Task 1: Summarize the following text in one sentence.
Blockchain and digital currencies have had a profound impact on the global financial system. Blockchain technology offers a decentralized, secure, and transparent way to execute transactions, lowering operational costs for financial institutions while increasing efficiency. Additionally, digital currencies, particularly cryptocurrencies like Bitcoin, challenge traditional banking systems by enabling peer-to-peer transactions without intermediaries, which can lead to faster, cheaper international transfers. However, these digital innovations also raise regulatory concerns, as governments struggle to establish control over decentralized financial networks without stifling technological progress.
Instructions: You should summarize the content in one sentence, ensuring your sentence is between 5-75 words long.
Sample Responses for Band Scores
Band 90 (perfect response)
Blockchain technology and digital currencies have revolutionized global finance by offering decentralized, cost-effective transactions, although concerns regarding regulation remain.
- Content: Excellent, fully captures the core message.
- Form: One complete sentence, between 5-75 words.
- Grammar: Correct grammar, no errors.
- Vocabulary: Strong vocab with terms like “decentralized” and “regulation”.
- Spelling: No errors.
Band 75 (proficient response)
Digital currencies and blockchain have transformed the financial world, allowing for secure and efficient transactions, but governments face difficulties with regulation.
- Content: Good, covers most key points, though less emphasis on operational benefits.
- Form: Correct format.
- Grammar: Minor simplification in sentence structure.
- Vocabulary: Good, but simpler compared to the higher band.
- Spelling: No errors.
Band 60 (competent response)
Digital currencies and blockchain make financial processes more efficient, though regulation remains an issue.
- Content: Covers essential points, though lacks depth.
- Form: Correct sentence form, but very concise.
- Grammar: Simple, though correct.
- Vocabulary: Basic vocabulary.
- Spelling: No mistakes.
Task 2: Summarize the following text in one sentence.
With the rise of digital currencies, such as Bitcoin and Ethereum, the financial landscape has undergone a fundamental shift. These currencies offer people an alternative to traditional banking by using a decentralized network, which helps bypass financial intermediaries and reduces transaction fees. However, they also present concerns related to security, fluctuation in value, and compliance with tax regulations, creating a complex dynamic between innovation and governance.
Instructions: Summarize the text in one sentence, between 5-75 words long.
Sample Responses for Band Scores
Band 90 (perfect response)
The emergence of digital currencies like Bitcoin and Ethereum is reshaping finance by bypassing intermediaries and lowering transaction costs, but concerns arise regarding volatility, security, and regulatory compliance.
- Content: Strong, captures all essential points seamlessly.
- Form: Adheres to the word limit perfectly.
- Grammar: Flawless structure and coherence.
- Vocabulary: Advanced, with key terms such as “volatility” and “regulatory compliance”.
- Spelling: No errors.
Band 75 (proficient response)
Digital currencies reduce the need for intermediaries and have lower costs, though concerns about security and governance remain.
- Content: Captures most key ideas, though missing some nuance.
- Form: Correct sentence format.
- Grammar: Adequate, but could be more complex.
- Vocabulary: Good but simplified.
- Spelling: No mistakes.
Band 60 (competent response)
Cryptocurrencies make financial transactions cheaper, but they raise issues of security and regulation.
- Content: Covers basic points but lacks completeness.
- Form: Correct form but very concise and missing key details.
- Grammar: Simplified but still correct.
- Vocabulary: Basic.
- Spelling: No errors.
Vocabulary Boost: 10 Key Terms
Here are ten important terms from the provided texts that will enhance your PTE preparation:
-
Decentralized /ˌdiː.sɛn.ˈtræl.aɪzd/
- Meaning: Operating without a central authority.
- Example: Blockchain’s decentralized structure offers greater security.
-
Blockchain /ˈblɒk.tʃeɪn/
- Meaning: A system of recording transactions using cryptographic techniques.
- Example: Blockchain powers many digital currencies like Bitcoin.
-
Cryptocurrency /ˈkrɪp.toʊ.ˌkʌr.ən.si/
- Meaning: A digital currency that uses encryption for security and operates independently of a central bank.
- Example: Bitcoin was the first widely accepted cryptocurrency.
-
Intermediary /ˌɪn.tər.ˈmiː.di.ɛr.i/
- Meaning: A third party involved in a transaction.
- Example: Cryptocurrencies aim to reduce the role of financial intermediaries.
-
Regulation /ˌrɛɡ.jʊˈleɪ.ʃən/
- Meaning: Rules or laws governing practices in an industry.
- Example: Governments struggle with creating regulations for cryptocurrencies.
-
Volatility /ˌvɑː.lə.ˈtɪl.ɪ.ti/
- Meaning: A tendency to change rapidly and unpredictably.
- Example: Bitcoin’s price volatility has deterred some investors.
-
Peer-to-peer /ˌpɪər tə ˈpɪər/
- Meaning: Direct transaction between two parties without an intermediary.
- Example: Cryptocurrencies enable peer-to-peer financial transfers.
-
Governance /ˈɡʌv.ər.nəns/
- Meaning: The act or manner of governing.
- Example: The governance of digital currencies is a regulatory challenge.
-
Compliance /kəmˈplaɪ.əns/
- Meaning: The act of conforming to rules or standards.
- Example: Cryptocurrency investors are responsible for tax compliance.
-
Innovation /ˌɪn.əˈveɪ.ʃən/
- Meaning: A new method, idea, or product.
- Example: Blockchain technology is a radical financial innovation.
Conclusion
The Digital Currency Impact On Finance is a topic frequently tested in the PTE Summarize Written Text section. By practicing with authentic tasks and studying key vocabulary, you can improve your summarizing skills and increase your exam success. Stay focused on capturing the core points in one clear, grammatically accurate sentence and continue practicing with related topics like Digital currencies and tax regulations or Energy consumption in cryptocurrency mining.
Feel free to share your summaries or ask questions in the comments below!
