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- Stephen Moore, a former Trump nominee for the Fed board, has joined a group of entrepreneurs who are trying to build a central bank for crypto, Fox Business Network reported.
- The company hopes to stabilize cryptocurrencies by regulating their supply in the same way the Fed monitors the supply of money in the US.
- The bank will be called "Decentral" and will issue its own tokens in exchange for other cryptocurrencies, according to the report.
- Moore, a frequent commentator on economic issues, has joined the group as chief economic officer.
- Watch Bitcoin trade live.
Stephen Moore thinks he has the answer to fixing volatility in the cryptocurrency market.
Moore, whose nomination to join the Federal Reserve board was eventually rescinded by President Donald Trump, has joined a new crypto venture that’s building what it calls "the world’s decentralized central bank," according to Fox Business Network.
The goal of the bank is to balance the volatility in the crypto markets by controlling the supply of cryptocurrencies similarly to how the Fed oversees the supply of money in the US.
According to Fox Business, the bank will be called "Decentral" and will trade its own tokens for other cryptocurrencies. Decentral’s tokens are expected to be controlled by an algorithm, and tied to the value of the US dollar or determined by a stable valuation method, company representatives told Fox Business.
Moore is joining the company as the chief economic officer. In an interview with Fox Business, he compared the bank to what Facebook is attempting to do with its cryptocurrency, Libra, which is to provide a form of crypto payment with added stability and reliability.
"I’m really excited about doing this," Moore said in the interview with Fox Business. "I hope it makes me rich."
Bitcoin started rallying last week after Facebook’s announced its plans for Libra. The cryptocurrency is trading above $10,000 again for the first time since February 2018.
Head over to Fox Business for the full story.
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Source: Business Insider – feedback@businessinsider.com (Daniel Strauss)