Clearing, Zhengzhou and Costasbank, Istanbul, Turkey, announced that a blockchain-based physical gold transfer system is currently in operation.
Turkey's Takasbank announced on Dec. 30 that it has launched BiGA Digital Gold to provide banks with a blockchain-based system for issuing, redeeming and transferring digitized gold.
First announced in September 2019, the BiGA system will enable participating banks to transfer digital assets representing large amounts of gold using blockchain technology. Each asset represents one gram of gold physically stored in a vault at the Borsa Istanbul (BIST) Turkish Stock Exchange.
The BiGA project aims to "build an infrastructure that uses blockchain technology to carry out the transfer of non-materialized gold into physical equivalents that are securely stored on a certain basis," the official website explains. Takasbank officials told Turkish news agency AA.
"This platform distinguishes itself from many similar projects around the world by using blockchain technology to enable the transfer of digital assets based on physical goods, have no value in itself, and ensure full compliance with existing regulations. . "
Turkey's major banks are on board.
Takasbank launched a non-GA digital gold platform by participating in several Turkish financial institutions, including national lenders Girard and Bakiv, private lender Garanti BBVA, private and state investment banks Alvaraka Turk, Kuwait Turk and Girard. I was.
Takasbank is Turkey's central clearing house, providing central client clearing services for specific BIST markets designated by Turkey's Capital Markets Board, a domestic financial oversight body.
Turkey runs full speed on the blockchain.
After announcing the national blockchain infrastructure plan, Turkey has seen steady growth in blockchain projects in both the public and private sectors. Turkey's President Recep Tayyip Erdogan said in the 2020 Annual Presidential Program that the government will finish experimenting with a blockchain-based "digital lira" that year.
In September 2018, BIST collaborated with Takasbank and the Turkish Central Securities Depository to develop a blockchain-based system that enables better financial data transfer.