If at first you don’t succeed, just create your own central bank.
Stephen Moore failed in his bid to join the Federal Reserve board, but the controversial conservative economic adviser will reportedly soon be playing a key role at a new “central bank” for cryptocurrencies.
Fox Business reported late Monday that Moore, a former Wall Street Journal editorial writer and senior fellow at the Hoover Institution, has joined a group of entrepreneurs creating an entity called “Decentral,” which apparently bills itself as “the world’s decentralized central bank.”
Decentral would “attempt to perform Fed-like duties in terms of regulating the supply of crypto in the same way as the Fed controls the supply of money for the U.S. economy,” Fox Business said. Decentral would reportedly issue its own crypto tokens in exchange for other digital currencies, and its token would be tied to a stable valuation method.
In a short interview with Fox Business, Moore described the offering as similar to Facebook Inc.’s
recently unveiled Libra, and said he would be the group’s chief economic adviser.
“I’m really excited about doing this,” Moore told Fox Business. “I hope it makes me rich.”
Earlier this year, President Donald Trump put forward Moore’s name to join the Fed’s board of governors. Critics, including Republican senators, harshly criticized the choice, calling Moore unqualified. While never formally nominated, Moore removed himself from consideration in early May, citing “unrelenting attacks on my character.”
Cryptocurrencies have been on a roll of late, with the price of bitcoin
topping $11,000 and hitting 15-month highs, while rival digital currencies such as ethereum
have rallied as well.