Copy link
Increase text size
Decrease text size
Link copied

Turkey’s Takasbank launches blockchain-based transfer platform for digital gold

Thu, 02 Jan 2020, 07:31 am UTC

Turkey's Istanbul Clearing, Settlement and Custody Bank (Takasbank) has announced the launch of its blockchain-based transfer platform for digital gold, Cointelegraph reported.

Called BiGA Digital Gold, the blockchain-based platform will enable banks to carry out the issuance, repayment and transfer of digitized gold.

In Sept. 2019, Takasbank announced ‘BiGA’ – abbreviation of one gram gold (in Turkish). The BiGA system will allow participating banks to transfer digital assets representing physical gold (each digital asset is equivalent to 1 gram of gold) using blockchain technology. The gold is physically stored in vaults of the Borsa Istanbul (BIST) Turkish stock exchange.

“The main objective of the Biga Project is to establish an infrastructure that will allow for execution of transfer of dematerialized gold at certain standards with their physical equivalents kept in safe custody using blockchain technology,” the description on the official website reads.

The platform has been launched with the participation of a number of Turkish financial institutions, including Ziraat, Vakif, Garanti BBVA, Albaraka Turk, Kuveyt Turk, and Ziraat Participation.

"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,” Takasbank officials told Turkish news agency AA (as quoted by Cointelegraph).

Founded in 1992, Takasbank, with its “central counterparty” and “banking” licenses, mainly provides clearing, settlement and custody, central counterparty and banking services to its members in Turkish capital markets.

Meanwhile, Turkish President Recep Tayyip Erdogan has mandated the development of the country’s central bank digital currency (CBDC) to be finished by 2020.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,873.93 (+2.45%)
  • Ethereum (ETH) $270.26 (+3.37%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $395.47 (+6.05%)
  • Bitcoin SV (BSV) $291.72 (+4.54%)
  • Bitcoin (BTC) $9,873.93 (+2.45%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft