Stephen Moore, former member of the Wall Street Journal editorial board and popular economist, recently attempted to join the Federal Reserve. Alas, he was denied the opportunity. Now, the economist is back in the news again.
According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to kick-start their very own ‘Federal entity’ named “Decentral,” which incidentally will be labelled as the “the world’s decentralized central bank.”
Sam Kazemian, CEO of Decentral, said that the endeavor’s major objective was to create a new type of central bank that would stabilize virtual assets such as Bitcoin and its counterparts. The bank would work on the same lines as the Federal Reserve does for the U.S economy. Decentral plans to carry forward responsibilities in terms of regulating the supply of cryptocurrencies in the market, in the same manner. Apparently, Decentral will also issue its own crypto tokens in the exchange for other digital assets, with the valuation of the token tied to a stable assessment method.
While Moore has been hired as a Chief Economist, it was reported that his role within the company is still “unclear.” Moore said,
“I am really excited about doing this. I hope it makes me rich.”
Moore also drew comparisons between Facebook’s recently unveiled Libra and Decentral’s offer. He stated that the Decentral crypto would offer a payment method that would be pegged to a stable currency and it would present major uniformity and reliability in the digital asset space, which is often divided among other major cryptos.
Moore added that his employment with a cryptocurrency-backed entity did not create a wedge between his work as an economist. In the current scenario, cryptocurrencies have a huge role to play in the economy, in a way not contradictory to Federal Reserve policies, he added.