The blockchain company claims that the Saga token (SGA) is the first global and stabilized digital currency controlled by its holders. According to the company, the SGA token would allow users to store and move value without friction across borders. The well-known economist Myron Scholes is a part of the advisory board of the company.
Saga aims to get the support of global regulators.
The blockchain company aims to launch its global digital currency with the support of global regulators. The company has claimed that the SGA is the first digital currency that replicates the mechanics of central bank national currencies and applies them on a global scale. Unlike Facebook’s Libra, SGA would be backed by bank deposits in the same group of currencies that form the International Monetary Fund’s special drawing rights.
EU warns against global stablecoins
As reported earlier, the European authorities have warned about the global stablecoins. The regulators have asked to assess all the challenges and risks involved with global stablecoins. Facebook’s crypto project Libra has been under constant scrutiny from authorities all around the world. Central banks of different countries are considering to issue centralized national digital currency. China has already announced to test its digital Yuan in two cities next year.
