Turkish Bank Unveils Blockchain Transfer Platform For Digital Gold

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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.”

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.

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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