According to recent reports by FOX Business Network, world-renowned economist Stephen Moore is looking out to building his very own mini-Federal Reserve bank. It has even started being promoted as “the world’s decentralized central bank.”
The move comes soon after Moore lost his recent bid to enter the Federal Reserve’s board. Following this failed attempt, he now seems to be keen on creating a cryptocurrency product and start his own mini-Fed bank.
For the endeavor, Moore has collaborated with a team of entrepreneurs, who would together open a ‘new kind of central bank’. According to these businessmen, this venture is likely to stabilize cryptocurrencies such as Bitcoin and its numerous replicas available in the market today.
The effort is being termed as “decentral” by Moore and his business group and is expected to take charge of similar responsibilities as being performed by the Federal Reserve currently. For instance, just as the Fed assumes charge for controlling money supply for the US economy, the new mini-Fed would be responsible for regulating the supply of crypto in a similar manner.
According to the ‘new’ company sources, the decentral is likely to exchange its own new token for other cryptocurrencies in the market. Further, the new crypto being supplied would attach itself to either the dollar value or another “stable” valuation system, which would strictly be regulated by an algorithm.
As of now, Moore’s role in the venture has not yet been clearly defined. For the time being, he assumes the position of Chief Economic Officer of the group. Tech entrepreneur Sam Kazemian is its Chief Executive Officer.
“I’m really excited about doing this.I hope it makes me rich,” said Moore in an interview. He further informed that he will be officially joining Decentral on July 1, 2019. Moore also revealed that his decision comes in the wake of the on-going heated debate regarding the future of cryptocurrencies. While some experts feel that they are merely a fad, others opine that they have the potential to be translated into a credible source of money some day.