Aggrey Isoe Aera

E-commerce has undoubtedly become one of the fastest-growing sectors – especially after the Coronavirus pandemic. Online transactions and smoother payment options have disrupted the way cash was used. Now, according to research firm Gartner the in-vehicle payments is set to rise to $1bn by 2023 – a figure which stands at less than $100m currently.

We are accustomed to the U.S. dollar because of its supremacy, but recent developments signal the end of its reign. In April this year, China achieved a significant milestone – conducting a pilot test of its digital currency in four cities. Could this be the beginning of a new economic arms race? Will the dollar retain its supremacy? As a matter of fact, China is way ahead of the United States in abolishing paper money.

The Biden campaign has formally announced that Gary Gensler, a long-time cryptocurrency analyst will lead Joe Biden’s transition team on financial policy. Gensler will lead the agency review team that will evaluate and analyse the operations of the Federal Reserve, and banking and securities regulators. Gensler was the chief of the Commodity Futures Trading Commission (CFTC) in the Obama administration. His experience as a master regulator would allow him to shape the Biden’s financial policy.