December 10, 2023

Digitized gold blockchain platform launched in Turkey

Turkey's Istanbul Clearing, Settlement and Custody Bank (Takasbank) has announced the launch of BiGA Digital Gold, its own system based onblockchain for the issue, redemption and transfer of digitized gold.

According to a December 30 Takasbank report, the newThe solution allows banks to use blockchain technology to transfer digital assets tied to the value of physical gold. Each unit of asset is equal to one gram of gold held by the Borsa Istanbul Stock Exchange (BIST)

The goal of the project is “the creation of an infrastructure that will enable the transfer of gold, the equivalent of which is stored in a secure storage, using blockchain.”

“This platform is different from many others.”such projects in the world, as it uses blockchain technology to transfer digital assets tied to the physical equivalent and works in accordance with applicable law, ”Takasbank said in a statement.

The project was launched with the participation of a number of other financial organizations, including state credit platforms Ziraat and Vakif, as well as commercial Garanti BBVA.

Takasbank is the only clearing and settlement house in Turkey, which is regulated by the local Financial Market Council.

Note that lately Turkey is allactively declares its intention to work with blockchain technology. In September 2019, the country's authorities announced the creation of a national blockchain infrastructure, within which the technology will be implemented in public administration.

In addition, according to the statements of the Ministry of Science, Industry and Technology of Turkey, in 2020, the blockchain will become a priority development direction for the country.

They are popular among residents of Turkey and cryptocurrencies. So, back in June last year, it was reported that every fifth resident of the country owns them.

Also recall that in late February in IstanbulThe second annual Blockchain Economy conference will be held, the leading event in the field of cryptocurrencies and blockchain technology in Eurasia and the Middle East and North Africa.

The list of the main speakers of the conference includedwell-known entrepreneur John McAfee, analyst and partner at Fundstrat, Thomas Lee, co-founder of Blockchain Nicholas Carey, founder of Alex Alexandrov and chief operating officer of OKEx Exchange Andy Chung.