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Gold January 02, 2020 10:30:00 AM

New Physical Gold-Backed Transfer System Launched

Paul Ploumis
ScrapMonster Author
The system will mainly focus on three types of transactions-issuance, repayment and transfers, said Takasbank official.

New Physical Gold-Backed Transfer System Launched

SEATTLE (Scrap Monster): The Turkish Istanbul Clearing, Settlement and Custody Bank (Takasbank) announced launch of new physical gold-backed transfer system based on blockchain technology. The new platform titled ‘BIGA Digital Gold’ peer-to-peer transfer of digital assets representing a quantity of gold.

The new system aims to establish an infrastructure to enable transfer of dematerialized gold at certain standards with their physical equivalents that are kept in safe custody using blockchain technology. The gold to be transferred has to be deposited in the Borsa Istanbul stock exchange.

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The launch of BIGA Digital Gold promises to bring ease to banks and other financial institutions that deal with gold. It makes gold balances easily transferrable between participating banks, in full compliance with existing regulations, upon rollout of an upgrade to the system. The use of blockchain technology distinguishes it from similar projects across the world.

The system will mainly focus on three types of transactions-issuance, repayment and transfers, said Takasbank official.

The ‘BIGA Digital Gold’ system was officially announced for the first time in September last year, following several trials.

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