The Trump Administration is anything but boring. Even potential Trump “employees” are constantly in the news either because of scandal or a really “good idea”. Be that as it may, an economist who rescinded his bid to joint the Federal Reserve, plans to launch his very own Crypto Central Bank or the so called – mini-Fed. The information comes from a blog post by Coindesk.
The person in question is Stephen Moore. The Coindesk report states that Fox has received a pitch deck that says that Mr. Moore is actually working with a team of entrepreneurs to develop the bank of the future, calling it “Decentral” – in sharp contrast to the institution he was holding a bid at. The aim of the project is to actually reduce the volatility inherent to cryptocurrencies – an issue that has long been discussed among regulatory bodies and financial institutions.
Mr. Moore is rumoured to be joining Decentral in the very beginning of July. How the Decentral bank will work is similar to what the does with money: regulating the supply of digital currencies and exchanging the dollar-backed token for other digital coins, while at the same time using a special algorithm to monitor the amount of stable tokens available.
As Coindesk reported the FOX news:
This stable coin is similar to Facebook’s Libra, and aims to promote uniformity and reliability among a fractured landscape of digital assets.
The entire project, while seemingly ambitious, has already attracted a serious “crypto” team, among which Mike Novogratz is rumoured to be an investor.