Saga has launched its new digital currency and it said to be the “academic’s answer to the cryptocurrency craze.”
Financial Times reports that Saga was designed with help from some top economists including Nobel Prize-winning professor Myron Scholes, outgoing chairman of JPMorgan Chase’s international business Jacob Frenkel, and Dan Galai, co-creator of the Vix volatility index.
The newspaper explains that Saga, like Facebook’s Libra, is designed to address the shortfalls of Bitcoin, by “reducing the wild price swings and anonymity for holders that have attracted heavy criticism from the financial and political establishment.”
But there are several crucial differences. Unlike Libra, Saga requires buyers to pass anti-money laundering checks before they own it, which is said to be a major concern of regulators about Facebook’s blockchain digital currency.
The current cryptocurrency craze is in full swing, with Forbes reporting that money is going digital “faster than anyone thought.”
China’s ambitions for their state-issued e-currency appear to be moving ahead at full speed, while France’s central bank Banque de France plans to pilot a central bank digital currency (CBDC) for financial institutions in 2020.
The European Central Bank also said it is considering accelerating its plans for a CBDC if consumers continue to move away from cash for payments.
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