Trump economist thinks Facebook’s Libra crypto is ‘a good thing’

June 24, 2019, 12:18PM EDT

Stephen Moore, a Trump administration economist and fellow at conservative public policy think-tank The Heritage Foundation, says he thinks that Facebook’s upcoming Libra cryptocurrency is "a good thing."

Moore told Yahoo Finance on Monday that Libra is “interesting,” because it represents “a new challenge for central bankers that they now have competition from private currencies.”

The economist purports to have been studying cryptocurrencies and said central bankers should realize that the cryptocurrency world “is coming.”

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 social media giant, along with 27 founding partners including PayPal and Uber, unveiled a plan for "low-volatility" cryptocurrency Libra last week, intending to serve the unbanked and facilitate low-fee money transfers globally. Libra is expected to go live sometime next year, but it has already faced scrutiny from central banks and politicians around the world.

Just yesterday, the Bank for International Settlements (BIS), considered to be the central bank of central banks, warned that Facebook's Libra could harm the banking sector. 

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