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Central Bankers Are 'Freaking Out' About Crypto: Economist Stephen Moore

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Wed, 26/06/2019 - 14:40
Central Bankers Are 'Freaking Out' About Crypto: Economist Stephen Moore
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Economist Stephen Moore, who decided to start the world’s first decentralized central bank instead of joining the Federal Reserve Board, recently made an appearance on CNBC’s "Squawk Box" to talk crypto.

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A threat to central banks

CNBC’s Andrew Ross Sorkin points out that the monopoly on fiat currencies is the last thing that governments around the world have. Just like monopolistic companies, there will be major resistance from central banks.

Moore claimed that the fact that government-controlled currencies have some competition is “healthy” for the economy. Central banks are “freaking out” about cryptocurrencies.

They [central banks] don’t want competition from the private sector when there is no government oversight.”

After Moore failed to join the Fed board, he joined Decentral, the startup that positions itself as a crypto-oriented central bank. The purpose of the company is to solve the volatility problem that prevents broader adoption.   

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Demonizing crypto 

The financial pundit also weighed in on Facebook’s cryptocurrency, saying that US regulators are already looking into Libra. However, the question remains whether they will be able to put the brakes on it.

According to Moore, there seems to be a misconception that Bitcoin remains the darling of criminals, but the reality is that law-abiding citizens simply want more privacy from the government.

Government, central bankers, and politicians are trying to stop this, but that’s like saying they’re gonna try to stop Google and Apple.”

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