Trump's former advisor praised Libra, but joined the competitive project

Facebook Token Libra will compete with central banks. About this in an interview with Yahoo Finance said the former economic adviser and confidant of US President Donald Trump Stephen Moore, calling the digital currency "a good thing."

“This is interesting because Libra is a new problem for central banks, which is that they now have competition from private currencies,” said Moore.

According to him, representatives of central banks understand better than others that the world is coming with trustworthy cryptocurrency assets.

Moore himself, meanwhile, joined the project called Decentral, which positions itself as a “global decentralized central bank” and intends to become an analogue of the Fed in the world of cryptocurrency.

In particular, Decentral will release its own token, the cost of which is likely to be pegged to the US dollar. It is assumed that the issue of a new coin will be strictly controlled by the algorithm, and the asset itself will be exchanged for other cryptocurrencies.

The economist stressed that the new project will be very similar to Libra in the sense that its main goal is to provide a payment method that is tied to a stable currency and can become the embodiment of reliability and uniformity in the world of cryptocurrencies.

It is worth noting that Donald Trump had planned to nominate Mura to the Board of Governors of the Fed, but the economist refused the proposal.

Recall, Congresswoman Maxine Waters, who heads the financial services committee of the US House of Representatives, previously called on Facebook to stop developing Libra. US lawmakers have already scheduled hearings in both houses of Congress for mid-July.

Meanwhile, the Bank for International Settlements (BIS), which is called the “central bank of all central banks”, said that Facebook’s digital currency could damage the banking sector and threaten financial stability, data protection and competition rules.

In Russia, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that Libra would not be legalized, and access to foreign sites where it would be possible to buy it would be restricted.

Read more about Libra in the special article .

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