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The cold war between the Feds and the crypto space just got even more thrilling as a strong player, the reputable economist Stephen Moore, decided to move away from the Feds to eat and dine with what can only be referred to as ‘aspiring crypto Feds.’
This move came after Moore retracted his wish of having a seat at the Fed Reserve board. Just about the same time, at the SALT conference in May (where fascinating crypto debates took place), Moore met a group of entrepreneurs who he described as “super smart” and are working towards creating a mini-Fed through a crypto product dubbed Decentral. According to these super smart guys, Decentral is expected to function as a decentralized central bank, serving as the Holy Grail to the major problems of the crypto space – lack of clear regulation and price volatility.
Moore and his partners believe Decentral is the next stage of evolution in the virtual world and that it will mitigate major shortcomings we see today. The supposed crypto central bank will issue its on cryptocurrency that will be pegged to fiat currencies such as the US dollars just like any other stablecoin.
While this isn’t a bad innovation, it has raised some brows lately due to Moore’s conflicting stand. Although it seems that no one fully agrees on the scope of the cold war between the Feds and the crypto sphere, as some believe crypto was created to circumvent Fed regulations, economists and other financial players have taken a strong stand against the crypto world. Having a renowned economist, who ‘some minutes’ ago was looking to be a board member at the Federal Reserve on board with the “opposing party” screams too loudly to be ignored.
Cryptocurrencies Are Just “an Alternative Way of Making Payments”
In Moore’s defense, he has always had strong opinions against some of the Fed’s actions. This is clearly seen in most of his articles and posts. So, it shouldn’t come as much of a shocker that he is going the opposite way. To Moore, the shift isn’t any much of a big deal as he believes both sides can co-exist without any hassle. Moore argued that there is a role for cryptocurrencies in the traditional financial world, describing cryptocurrencies as just “an alternative way of making payments.”
Decentral CEO, Kazemian also argued that cryptos are here to stay. And that Decentral isn’t here to compete with the Feds. “Our goal is to be collaborative, not combative,” He added.
Chris Whalen, an independent analyst, commented on the switch saying that he isn’t surprised a bit at Moore’s deflection. He explained that as a writer and commentator on economic issues, “Moore has never liked central banks…” In his opinion, this is Moore embracing who he truly his.
What do you think about this switch?