Saga is launching a virtual currency which pegs its value to the basket of currencies that form the IMF's special drawing rights.
Another distinction with libra is the fact that Saga won't be profiting from it. It's only acting as an issuer of the token, rather than building its own digital wallet for users to store and exchange it like Facebook is doing with Calibra. The SGA tokens will initially be available to purchase on Saga's website and is being listed on the cryptocurrency exchange Liquid.
Like libra, SGA features the characteristics of a so-called stablecoin, which seeks to avoid the volatility of cryptocurrencies like bitcoin. Saga says it can stabilize the value of SGA with smart contracts — self-executing contracts on the blockchain that are used to adjust the money supply in order to meet demand.
if the pound fluctuates in reaction to Brexit-related news. "This is where we see saga fitting in as a global currency."J.P. Morgan's
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