The team inside Facebook (FB) developing its new Libra cryptocurrency platform has at least one friend inside President Donald Trump’s inner circle.
And considering how under attack Facebook is right now by lawmakers on both sides of the aisle, having at least one supporter of a controversial new venture couldn’t hurt. “It’s interesting, because this [Facebook’s Libra] represents a new challenge for central bankers that they now have competition from private currencies,” conservative economist, Trump confidant and fellow at The Heritage Foundation Stephen Moore told Yahoo Finance.
Moore contends he has been “studying up on cryptocurrencies” and that central bankers best realize a world with credible cryptos “is coming.”
“I think on balance it’s a good thing [Facebook’s Libra],” Moore added.
Facebook took the wraps off its long awaited cryptocurrency project last week via a lengthy white paper. Dubbed Libra, the crypto will let people buy things or send money with no fees.
Several big-name companies such as Uber, Lyft and PayPal are on board to support the rollout of the platform, which is expected to go live in the first half of 2020.