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On the 30th of December 2019, Turkish Takasbank announced the launch of a BiGA Digital Gold, which is a physical gold-backed transfer system based on blockchain. Takasbank is Turkey’s central clearing and settlement house, which offers principal counterparty clearing services for some BIST markets designated by some agencies and the Board of Turkey. Other financial institutions in Turkey also participated in the launch of the BiGA Digital Gold Platform.
The country announced its plans to introduce national blockchain infrastructure some time ago. Since then, blockchain projects saw steady growth, both in the public and private sectors. In September last year, BIST came up with a system based on blockchain to facilitate enhanced financial data transfers and Takasbank and the Central Securities Depository of Turkey.
More About BiGA Project
The BiGA project aims to offer banks a system based on blockchain to issue, repay, and transfer digitalized gold. Every asset stands for a gram of gold physically stored in Borsa Istanbul (BIST) Turkish stock exchange’s vaults.
As per the Takasbank website, the BiGA project aims to develop an infrastructure to execute dematerialized gold at some standards with their physical equivalents, kept in custody with blockchain technology.
Takasbank officials said that the difference between the newly launched platform and other similar projects is that the previous one uses blockchain technology in transferring virtual assets based on physical commodities. It also ensures that there is total compliance with existing regulations.