Per the latest reports, the economist Stephen Moore is looking forward to launching his Moore stablecoin cryptocurrency after losing on a bid to be part of the board of Federal Reserve.
Moore, along with other entrepreneurs, is planning to initiate a digital stablecoin ‘Frax,’ which will act as a new kind of central bank for stabilizing cryptocurrencies such as Bitcoin.
At the beginning of the year, President of the United States tapped Moore to join the Federal Reserve; however, owing to the reason that the nomination fell short, the economist decided to launch Frax.
What is Moore stablecoin: Frax?
The announcement of the coin by Moore and his collaborators is expected shortly. This stablecoin would be pegged to the U.S dollar and will be relying on the blockchains that are established.
Moore stated that as cryptocurrency is n sync with his libertarian ideology, that is why he believes that digital currency is a significant alternative for the money that is backed by the state.
He further stated that he followed the monetary policy for thirty long years and was always troubled by the state’s monopoly on the currency, which is unhealthy for the market. For a healthy system, private competitors must challenge the central banks on the supply of money.
Sam Kazemian has joined Moore as the co-founder of the Frax stablecoin, which would be launched in upcoming months.
While the Financial Action Task Force (FATF) in this regard stated that the organization is concerned that the stablecoin could be utilized for illicit activities. The statement seems to be aligned with the FATF policy across the globe.
FATF furthers that the widespread adoption will likely cut out the regulatory authorities, and that will enable the criminals to forge or break the law with the cryptocurrency.