A blockchain platform for digital transfers of gold has gone live in Turkey. According to an official press release, the platform was issued by the Istanbul Settlement and Custody Bank Inc, Takasbank.

Called BiGA Digital Gold, the platform was created as a way to assist financial institutions in their dealings with gold. Takasbank seeks to make gold-based transactions as seamless as possible, via blockchain technology.

“BiGA Digital Gold allows transfer of gold from person to person without time constraints, with blockchain technology. [This] is based on physical gold and can be converted to a digital asset.”

Each unit of the asset is directly backed by one gram of gold which is kept in the Borsa Istanbul (BIST) Turkish stock exchange’s vaults.

The announcement further explains that the blockchain will have three main functions. These functions include export, redemption and also the easy transfer of these gold-backed digital assets. There are also a few more functions the platform boasts of. They include integration, reconciliation capabilities, and monitoring and reporting.

In a conversation with Turkish media outlet AA, the bank has said that its “Digital Asset Platform” is different from many others. The bank explained that the offering allows transfer of digital assets which are backed by physical commodities and are valueless on their own.

Back in July, Turkey published its 2019-2023 economic roadmap which includes a central bank digital currency (CBDC). Recently, Iran also announced plans to create a cryptocurrency for Muslim countries, along with Turkey and Malaysia.

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