by Tyler Cowen
on March 24, 2018 at 12:23 am
in Economics, Web/Tech
| Permalink Some of the world’s best-known economists on Thursday announced plans to create what could be described as the thinking person’s cryptocurrency. Saga aims to address many of the criticisms frequently thrown at bitcoin, the world’s biggest cryptocurrency, to position itself as an alternative digital currency that is more acceptable to the financial and political establishment.
It is being launched by a Swiss foundation with an advisory board featuring Jacob Frenkel, chairman of JPMorgan Chase International and former governor of the Bank of Israel; Myron Scholes, the Nobel Prize-winning economist; and Dan Galai, co-creator of the Vix volatility index. The Saga token aims to avoid the wild price swings of many cryptocurrencies by tethering itself to reserves deposited in a basket of fiat currencies at commercial banks.
Holders of Saga will be able to claim their money back by cashing in the cryptocurrency. The currency also aims to avoid the anonymity afforded by bitcoin, which has raised financial crime concerns with regulators and bankers.
Saga will require owners to pass anti-money laundering checks and allow national authorities to check the identity of a holder when required. Here is their web site, and here is the White Paper. Here are other readings on the asset. Here is the original FT article, FTAlphaville is less impressed.
Classic academics! They’re not doing an ICO, since they are afraid they may get rich. Read more from marginalrevolution.com…
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