December 10, 2023

Turkish Takasbank launched a blockchain system for the purchase of tokenized gold

Takasbank, located in the capital of Turkey, announced the full launch of a blockchain-based system,allowing you to buy tokenized gold bars.

The BiGA Digital Gold system will provide the opportunityother banks can quickly and safely buy gold in the form of tokens. The term BiGA in Turkey is used to name 1 gram of gold, which is why the blockchain system received this name. According to Takasbank's statement, each BiGA token is backed by physical gold bars stored in the vaults of the Borsa Istanbul Stock Exchange.

“The BiGA project is designed to provideinfrastructure to ensure the trading of intangible gold according to certain standards, and tokens must be provided with the physical equivalent of metal in a safe depository. This platform differs from many other similar systems in that it uses blockchain to trade digital assets secured by physical goods. It fully complies with all the requirements of regulators, ”the Turkish bank said in a statement.

In addition to Takasbank, other financial institutions in Turkey also participate in the project, including Ziraat and Vakif, a private credit organization Garanti BBVA, Albaraka turk, Kuveyt Turk and Ziraat banks.

The project first became known in September. Then Takasbank announced the successful completion of testing of the BiGA system.