Stephen Moore, who recently rescinded his candidacy for the Federal Reserve, has announced plans to open its own criptomoedas mini-Fed – billed as "the decentralized central bank of the world," according to Fox Business.
A statement sent exclusively to Fox would have said that Moore joined a group of unidentified entrepreneurs to develop a "central bank" – ironically called "Decentral" – that aims to reduce the volatility between digital currencies.
The bank will try to regulate the provision of encryption, just as the Fed controls monetary policy in the US. It will exchange its own dollar-denominated currency for other crypto-coins and use an algorithm to control the amount of stable chips in circulation, Decentral officials said. FOX. This stable currency is similar to Facebook's Libra, and aims to promote uniformity and reliability among a fractured landscape of digital assets.
"I'm very excited to do that," Moore told business media. "I hope you make me rich."
Moore said he will officially join the Decentral on July 1 as an economic director and report to Sam Kazemian, CEO of Decentral. "These guys are super smart," he said of their partners.
He also told Fox, he believes that encrypted coins can circulate in the economy in a way that does not conflict with the Fed's monetary policy, adding, "This is an alternative way of making payments."
Kazemian told Fox that Decentral is not trying to compete with the Fed, but plans to introduce its business model to Fed officials at some point.
"The Decentral will solve the biggest problem faced by regulators when it comes to cryptographic space: the current price instability," he said.
"Our goal is to be collaborative, not combative," he said. "The next big wave in cryptographic space is a digital currency designed to be useful to consumers and keep prices stable rather than acting as volatile and speculative investments. Stable coins are the next big innovation in the encryption industry. "
It is unclear how Decentral will persuade holders to negotiate their encryption for this new token, or how the company will act to prevent inflation – a key Fed mandate – if the company does not have the authority to act as a clearing house.
Kedar Iyer will serve as chief technology officer, Travis Moore as software director, and Henry Liu as chief operating officer – all with experience in cryptography and technology startups. The remaining three partners have political backgrounds.
Mike Novogratz is cited as an investor in the holding company of Decentral.
Moore previously served as editorial editor for the Wall Street Journal and was a member of the conservative Heritage Foundation. He is also an illustrious visitor to the White House following his advice to President Trump's tax plan in 2017.
Moore was chosen by Trump in March to fill one of two vacant positions at the Fed but had not been formally nominated. He withdrew his offer in early May after weeks of criticism of his political partisanship, shifts in opinion on interest rate policy, and sexist comments about women.
His discussions with the Decentral began at the recent SALT conference, a confab hedge and investment fund in early May, directed by Anthony Scaramucci of SkyBridge Capital.
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