Stephen Moore, who recently rescinded his bid to join the Federal Reserve, announced plans to start his own cryptocurrency-based mini-Fed – billed as “the world’s decentralized central bank,” according to Fox Business.
A pitch deck sent exclusively to Fox allegedly said Moore has teamed with a group of unnamed entrepreneurs to develop a “central bank” – ironically called “Decentral” – aimed at reducing the volatility among digital currencies.
The bank will attempt to regulate the supply of crypto, just as the Fed controls monetary policy in the U.S. It will exchange its own dollar-backed token for other cryptocurrencies and use an algorithm to control the amount of stable tokens in circulation, Decentral officials told FOX. This stable coin is similar to Facebook’s Libra, and aims to promote uniformity and reliability among a fractured landscape of digital assets.
“I’m really excited about doing this,” Moore told the business media outlet. “I hope it makes me rich.”
Moore said he will officially join Decentral on July 1, as chief economic officer and report to Sam Kazemian, Decentral CEO. “These guys are super smart,” he said of his partners.
He also told Fox, he believes cryptocurrencies can circulate in the economy in such a way that they don’t conflict with the Fed’s monetary policy, adding, “This is an alternative way of making payments.”
Kazemian told Fox that Decentral isn’t trying to compete with the Fed, but plans to introduce their business model to Fed officials at some point.
“Decentral will solve the biggest problem facing regulators when it comes to the crypto space: The current instability of pricing,” he said.
“Our goal is to be collaborative,