Reportedly, US Economist, Stephen Moore has joined a team the “Decentral” team to create a “world’s decentralized central bank.” Stephen Moore with the Decentral team will imitate the functions of a central bank to stabilize the cryptocurrency markets including Bitcoin and other altcoins.
Moore will officially join the team on July 1, 2019, as the Chief Economic Officer. Mike Novogratz is also an investor in the parent company of Decentral. Stephen Moore, who has served the editorial board of the Wall Street Journal recently lost a bid to join the Federal Reserve. He told the media among other things,
“I’m really excited about doing this, I hope it makes me rich.”
Michael Gruen, was an adviser to the 2016 Trump campaign and the Chief Marketing Officer of Decentral noted,
“We were amazed with Steve’s knowledge of the Fed and offered him a chance to come on board,”
This decision taken by Stephen Moore is seen as a ‘backfire’ to the Federal Reserve appointment. During the Fed Appointment race, there were many allegations put forward against Stephen Moore which has tainted his image.
Decentral, the central bank of cryptocurrencies
The aim of Decentral is to perform Central Bank duties of stabilizing the economy on cryptocurrencies. They will attempt to regulate the flow of money in and out of the cryptocurrency markets.
The methodology that is expected to be implied involves a stablecoin that will be backed by a FIAT or a combination of other securities. The stablecoin will be similar to Facebook’s Libra. According to Moore, the goal is also similar to Libra, to create a uniform worldwide payment currency that is pegged to a stable currency. It will help in stabilizing the cryptocurrency markets specifically.
Sam Kazemian, the CEO and Co-founder of Decentral, who is spearheading the Decentral project to provide stability to Bitcoin prices. He told the media,
“Decentral will solve the biggest problem facing regulators when it comes to the crypto space: The current instability of pricing. Decentral will allow more and better price discovery without wild swings in value that have been the case,”
They will be implying a 3 token system to achieve their goals with ‘Decentral.’ While others are seeing a conflict of interest with the Federal Reserve, Moore sees no reason to doubt his intentions. He believes that the role of cryptocurrencies does not conflict with that of Central Banks. He also added,
“These guys are super smart, this is an alternative way of making payments.”
Do you think that Decentral will be successful in their endeavors? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com