Takasbank, the major clearing and custody bank of Istanbul, has announced the completion of BiGa, its R&D project which uses blockchain technology to trade physical gold.
The transfer of this gold is going to be similar to the Takasbank safes and is going to be stored in the Istanbul stock exchange. Each unit of digitized transferable gold will be called BiGa, which is equivalent to one gram of gold and has its value tied up to physical gold.
The project’s completion took 1.5 years, after which pilot tests were carried out with Albaraka Türk, Garanti BBVA, Kuveyt Türk, Vakıfbank and Ziraat Bank, which are parties to the gold transfer system. The press release emphasized upon the transparent nature of the exchange platform, which is created in such a way that an external third party can monitor it, thus making it different from existing conventional blockchain platforms. The bank will provide people with an e-wallet which can eventually be used to trade using BiGa.
The press release said:
“We present the BiGA Project prepared by our Bank’s resources, which can be considered as an important milestone in the fields of transfer system and financial transformation, to the public.”
Turkey has previously also vested its efforts into blockchain-powered solutions amid intentions to become a technology hub. Takasbank in collaboration with the Turkish stock exchange developed a blockchain-based customer database. In fact, the government of Turkey listed blockchain as an important factor in determining the sustainability of the Turkish economy from 2019-2023.
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