Takasbank’s Blockchain Platform for Digital Gold Transfers Now Active

News / 31.12.2019

Takasbank is Turkey’s principal clearing and settlement house, and it likewise offers principal counterparty clearing services for some BIST markets designated by some agencies and Board of Turkey.

Turkish Takasbank has launched BiGA Digital Gold. It is a physical gold-backed transfer system based on blockchain. However, an announcement on December 30 revealed that the system is now active. The purpose is to offer banks a system based on blockchain to issue, repay and transfer digitized gold. 

Takasbank initially announced the system in Sep. 2019. The system allows the banks involved to utilize blockchain technology in transferring digital assets that represents aquantity of physical gold. Every asset stands for a gram of gold physically stored in the Borsa Istanbul (BIST) Turkish stock exchange’s vaults.

According to the website of Takasbank, the aim of the BiGAproject is to come up with an infrastructure to execute the transfer of dematerialized gold at some standards with their physical equivalents kept in safe custody with blockchain technology.

According to Takasbank officials, the difference between this platform and other similar projects is that it uses blockchain technology in transferring digital assets based on physical commodities. It also ensures total compliance with existing regulations. Some financial institutions in Turkey participated in the launch of the BiGA Digital Gold platform.

Turkey announced its plans to introduce a national blockchain infrastructure sometimes ago and blockchain projects have been growing steadily, both in the public and private sectors. According to the president of the country, the government would conclude the testing of its “Digital Lira” that is based on blockchain.

In the ninth month of last year, BIST came up with a system based on blockchain to facilitate enhanced financial data transfers together with Takasbank and the Central Securities Depository of Turkey. 

Featured image courtesy of Shutterstock. Source: Cryptopress

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.