Economist Stephen Moore, Donald Trump's confidant, co-founded Frax, which will release the eponymous stablecoin to compete with central banks, Fortune reports.
Its partners were Sam Cazemian, co-founder of Everipedia (a blockchain competitor to Wikipedia) and former adviser to the Reagan administration Ralph Benko.
“Central banks will soon feel competition from private currencies like Frax. The days of the currency monopoly of states are numbered ”- said Moore.
He also added that the world needs a stable global currency, given the raging hyperinflation in some countries.
“I have been studying monetary policy for 30 years. The monopoly of the government on money has always perplexed me - this is an unhealthy market. If private competitors can challenge central banks, this will be a normal market. ”“He emphasized, admitting that he professes libertarian views.
Frax will be pegged to the US dollar at a ratio of 1:1, however, the reserves will be used for issuing loans under the control of a number of algorithms. Moore, whom Donald Trump has nominated to the Board of Governors of the Fed, will not abandon the concept of partial reservation.
Trump himself from Bitcoin is "not happy" and does not consider cryptocurrency money.
Donald Trump spoke for the first time about Bitcoin and Libra
Earlier, Moore joined the Decentral cryptocurrency central bank project.