Turkish Takasbank launched a blockchain system for buying tokenized gold

Takasbank, located in the capital of Turkey, announced the full launch of a blockchain-based system that allows you to buy tokenized gold bars.

The BiGA Digital Gold system will allow other banks to quickly and safely buy gold in the form of tokens. The term BiGA in Turkey is used to refer to 1 gram of gold, which is why the blockchain system got this name. According to the application
Takasbank, each BiGA token is backed by physical gold bars stored in the vaults of the Borsa Istanbul stock exchange.

“The BiGA project was created in order to provide the infrastructure to ensure trading in intangible gold according to certain standards, and the tokens must be provided with the physical equivalent of the metal in a secure vault. This platform differs from many other similar systems in that it uses blockchain to trade digital assets backed by physical goods. It fully complies with all regulatory requirements, ” the Turkish Bank said in a statement.

In addition to Takasbank, other Turkish financial institutions are also involved in the project, including Ziraat and Vakif, private credit institution Garanti BBVA, banks Albaraka turk, Kuveyt Turk and Ziraat.

The project was first announced in September. Then Takasbank reported
about successful completion of testing of the BiGA system.