Turkey's Takasbank launches blockchain electronic gold transfer system BIGA Digital Gold

Turkey's Istanbul clearing, settlement and custodian bank Takasbank announced on Monday the launch of a physical-backed blockchain electronic gold system BIGA Digital Gold. The bank said that the BIGA Digital Gold system allows the point-to-point transfer of digital gold, a physical commodity, through blockchain technology.

The bank had previously stated that research into the system began in 2018 and trials were completed in September. The bank is currently focusing on creating a structure for digitizing physical goods and using blockchain in the financial sector. Assets can be traded on the platform at a digital value called "BIGA", which represents one gram of gold that is actually stored in the vault of Istanbul Stock Exchange in Bolsa, Turkey.