LONDON--(BUSINESS WIRE)--Saga today announces the launch of the Saga token (SGA), the first global, stabilised, digital currency controlled by its holders. SGA allows global citizens to store and move value without friction across borders - a need accelerated by the speed of globalisation.
Working in collaboration with banks, financial institutions, and regulators, SGA acts as a bridge bringing digital currencies into the mainstream, by reducing risk and building trust. SGA is the first digital currency that replicates the mechanics of central bank national currencies and applies them on a global scale:
● Endowed with a refined monetary model and inspired by proven central-banking instruments.
● Governed by its holders through a variety of voting mechanisms, SGA puts the power in the hands of modern global citizens, rather than corporates or any single government.
● Backed by a reserve of assets that reflect the International Monetary Fund’s SDR (a basket of currencies containing USD, EUR, GBP, CNY and JPY). This acts as a stabilising mechanism to reduce volatility.
● Non-anonymous and compliant as currency holders have to undergo an online Know Your Customer (KYC) process that ensures compliance with Anti-Money Laundering (AML) standards - but their privacy is kept.
Ido Sadeh Man, Founder of Saga, said: “Currencies have not kept up with the pace of globalisation and they do not address the global scope and needs of modern lives. The decreasing economic importance of national boundaries, changes in society, and a need for monetary diversification have created a necessity for a complementary, global, non-governmental currency. We have set out to address this need by launching the first stabilised, digital currency governed by its holders and compliant with AML regulations.”
In order to serve as a global currency, Saga has built a robust monetary model and effective system of governance. The key feature of its monetary model is a blockchain-based, liquidity provider: a smart contract that adjusts the supply of Saga tokens to meet market demand, and to limit the impact of fluctuations in market confidence on SGA price. The proceeds of issuing new SGA tokens are kept in a reserve, held in regulated banks and stored in liquid assets that replicate the currency composition of the SDR.
For more information visit www.saga.org.
ENDS
Contacts
Media contact
Katie Spreadbury
Saga@fullyvested.com