Even though Facebook’s new crypto project Libra is facing regulatory backlash from both sides of the aisle, they have found an unlikely ally in conservative economist Stephen Moore.
Speaking to Yahoo Finance, Moore said:
“It’s interesting because this [Facebook’s Libra] represents a new challenge for central bankers that they now have competition from private currencies.”
He added that he is really excited about it and he hoes that Libra makes him rich.
He even suggested that he will be joining a company that will perform Fed-like duties for digital currency. Moore lately made headlines after he removed his name from consideration to sit on the Federal Reserve's Board of Governors, following extensive bipartisan denunciation of his nomination by President Trump.
Facebook should be glad to have found a friend in the administration, considering they have made a lot of people in the establishment very angry. Recently, the Bank of International Settlements while warning their customers against the project said:
“Big techs have the potential to become dominant through the advantages afforded by the data-network-activities loop, raising competition and data privacy issues. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy, and data privacy regulation.”
The politicians aren’t too fond of the project either. Sen. Josh Hawley (R-Mo.) stated:
“We need to see exactly what their specific proposals are, but I'm very concerned about Facebook's behavior on a range of fronts. I'm concerned about their size, I'm concerned about their anti-competitive conduct, I'm concerned about their rampant violations of privacy.”
However, Moore’s role in the administration is unclear. For now, he is the group’s chief economic officer and will report to tech entrepreneur Sam Kazemian, Decentral’s chief executive officer.