Stephen Moore joins a project branding itself as 'the world’s decentralized central bank'

Stephen Moore, a Trump administration economist and fellow at conservative public policy think-tank The Heritage Foundation, has joined Decentral, a cryptocurrency project branding itself as “the world’s decentralized central bank,” FOX Business Network reports.

Moore recently made headlines after he withdrew his name from consideration to sit on the Federal Reserve's Board of Governors, following widespread bipartisan condemnation of his nomination by President Trump.

The group of entrepreneurs behind the project is hoping to launch a new central bank for cryptocurrencies and hopes to become the Fed for crypto assets. Decentral is also planning to launch its own stablecoin.

Moore will serve as the project's chief economic officer. According to Moore, Decentral’s plan is similar to Facebook’s Libra—Decentral is planning to launch a fiat currency-pegged token that can be used as a payment method. On Monday, when discussing Libra, Moore referred to it as "a good thing."

It is unclear how Decentral is planning to become a new Fed for cryptocurrencies. It has not yet shared how it is going to onboard other crypto projects or convince them there’s a need for “a central clearinghouse and uniformity,” especially considering the decentralized character of cryptocurrencies.