Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) has launched a blockchain-powered platform known as BiGA Digital Gold that offers services from the issuance, repayment to transfer of digitized gold which was backed by physical gold stored in the vaults of the Borsa Istanbul (BIST) Turkish stock exchange.

Trading Digitized Gold with Blockchain Technology

As reported by Cointelegraph, the BiGA system lets users transfer digitized gold with the aim to “establish an infrastructure that will allow for the execution of the transfer of dematerialized gold at certain standards with their physical equivalents kept in safe custody using blockchain technology,” according to the bank’s official website.

A representative from Takasbank also revealed that “This platform distinguishes itself from many similar projects in the world by allowing the use of blockchain technology to transfer digital assets based on physical commodities, not having any value of its own, and ensuring full compliance with existing regulations.”

Multiple Stakeholders on the Digital Gold Platform

The blockchain-based project received interest from multiple stakeholders who are taking part in the digital gold platform, including private lender Garanti BBVA and state lenders Ziraat and Vakif, as well as banks such as Albaraka Turk and Kuveyt Turk.

While Takasbank serves as the central clearing and settlement house in Turkey, the financial institution also offers central counterparty clearing services.

In the past year, Turkey has experienced several developments in blockchain projects. At the 2020 Annual Presidential Program, President Recep Tayyip Erdogan said the Turkish government would complete the testing for its blockchain-enabled “Digital Lira” in 2020.

Back in September 2018, BIST unveiled a blockchain-powered system developed to enhance the efficiency of financial data transfers together with Takasbank and the Central Securities Depository of Turkey. 

Source: https://cointelegraph.com

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