Turkey-based Takasbank introduces physical gold-backed transfer system on a blockchain-based platform.

Takasbank who are in the business of clearing, collateral, risk management and central counterparty to the capital and financial markets of Turkey, has released a press release, according to which, they are now likely to provide the latest service through an ecosystem for transfer of blockchain-based digitized gold to the banks in Turkey region.

As the first product of the studies on blockchain technology; As a member of Borsa Istanbul Group, the announcement of the implementation of our project, which is the brand name of GA BiGA Digital Gold an, which allows transfer of gold from person to person without time constraints with blockchain technology, which is based on physical gold and can be converted to a digital asset, We are experiencing the rightful pride and joy, per the announcement.

BiGA was originally launched in September to enable banking system to use blockchain technology to transfer digital assets representing a quantity of physical gold.

Turkey has been one of the largest consumers of gold, the demand appears to be most likely to mount considerably. Conventionally, as the precious yellow metal has got great deal of importance in Turkey and the investors have been choosy in investing in the real assets due to inflation and the threat of fiat currency depreciation, the concept of BiGA has been incepted.

While Takasbank provides financial infrastructure that incorporates qualified central counterparty organization, payment system, and R & D centre with persistent functionality on blockchain technology.