Turkish bank Takasbank has announced the launch of the BiGA blockchain platform for trading tokenized gold bars and coins.
According to the bank, these assets are similar to physically secure stablecoins and have a value tied to gold. Since BiGA is the short name for one gram of gold in Turkish, one BiGA token will be equivalent to one gram of gold.
Takasbank initiated the project in 2018 and successfully completed pilot tests with a number of local financial firms and banks, including the second largest Turkish bank Ziraat Bankası, as well as VakıfBank, Albaraka Turk, Garanti BBVA and Kuveyt Turk.
Takasbank noted the confidentiality of transactions on the platform, and also stated that the transfer process can be controlled by the authorities. The Bank will provide users with a wallet for storing BiGA tokens, which will be used as a payment method for trading on the Internet.
Last fall, the state-backed Turkish Stock Exchange Borsa Istanbul announced the creation of a blockchain platform that will store new customer data and documentation in a decentralized network.
Related posts:
Why do cryptocurrency Exist – Institutions 
Bitcoin and independent property rights 
NASDAQ on market manipulation: Everyone is now talking about regulating bitcoin and cryptocurrency 
Pilot Porsche on Ethereum blockchain to trace provenance materials 
Xfers from Singapore is going to use blockchain Zilliqa 
Make your own tokens with the Guarda wallet
