BiGA Digital Gold

2020: Start of the platform

At the beginning of January, 2020 the Turkish national bank of Takasbank started the blockchain platform for trade in the tokens tied to gold. This digital asset which received the name BiGA Digital Gold is completely provided with a gold stock of Borsa Istanbul.

Project objective - to create infrastructure which will provide non-cash transfer of gold which equivalent is in safe storage location. Takasbank is Borsa Istanbul subsidiary company and acts as the central counterparty for clearing and calculations on the Turkish stock exchange. In turn, the Public foundation of welfare of Turkey belonging to the state owns 90% of the stocks Borsa Istanbul.

Turkey started a blockchain platform for trade in the tokens tied to gold

The BiGA Digital Gold platform will give to other banks an opportunity to buy gold in the form of tokens under the name BiGA. The term BiGA in this case is used for naming of 1 gram of gold from Borsa Istanbul storage. The platform provides such services as issue of new tokens at gold deposition, the redemption of tokens on gold, transfer of tokens between participants and reconciliation of transactions. At the same time the cost of the tokens provided with assets changes depending on the actual cost of the asset.

The platform provides confidentiality of transactions so only regulatory bodies can trace transactions. Besides, developers provided ability to integrate and approvals of monitoring and the reporting between the BiGA and Gold Transfer System platforms.

Earlier in Takasbank said that the platform is founded on blockchain technology of Quorum of JP Morgan company. System testing of BiGA Digital Gold was begun in 2018, and such banks as Ziraat Bank, Vakıfbank, Garanti BBVA, Albaraka Türk, Kuveyt Türk and Ziraat took part in it.^[1]

Notes