The revolutionary blockchain-supported physical gold-pegged transfer solution BiGA Digital Gold went live on December 31, 2019, as was announced by Turkey’s leading banking institution, the Takasbank.
In September 2019, the Takasbank team introduced the public with its highly anticipated blockchain project, BiGA Digital Gold. It was then affirmed that the solution would allow the participating banking entities to employ the excellence of blockchain technology in transferring digital holdings pegged by a certain quantity of physical gold. A gram of gold stored in the secured vaults of the Borsa Istanbul Turkish stock exchange will account for one digital asset.
The project has been designed in a manner that will foster issuance, repayment, and transfer of digitized gold being managed and operated on a blockchain network.
The official website of Turkey’s chief clearing and settlement organization, the Takasbank stated that BiGA Digital Gold project had been created to “establish an infrastructure that will allow for the execution of the transfer of dematerialized gold at certain standards with their physical equivalents kept in safe custody using blockchain technology.”
BiGA Digital Gold project has been turned into a reality by the Takasbank with strong support from a suite of leading financial institutions such as state lenders Ziraat and Vakif, Garanti BBVA- a private lender, along with banks Albaraka Turk, Kuveyt Turk, and Ziraat.
While sharing views about their newly-launched project, the Takasbank officials remarked that
This platform distinguishes itself from many similar projects in the world by allowing the use of blockchain technology to transfer digital assets based on physical commodities, not having any value of its own, and ensuring full compliance with existing regulations.
In recent times, Turkey has evolved as a hot-shot destination for an array of potential blockchain projects, flooding both the private as well as the public sectors. The Turkish President Recep Tayyip Erdogan addressed a gathering at the 2020 Annual Presidential Program and stated that the government would soon end up testing the final chain of its blockchain-supported “Digital Lira,” in the new year.