Turkish bank starts blockchain-based gold transfer system

A Turkish bank announced on Monday that it started a blockchain-based electronic gold transfer system, state-run Anadolu news agency reported

Takasbank, or the Istanbul Settlement and Custody Bank, has introduced BIGA Digital Gold, which allows the peer-to-peer transfer of digitised gold via blockchain, Anadolu said.

"As a result of our efforts, we created the Digital Asset Transfer Platform, which 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," the news agency cited the bank as saying.

Assets will be traded on the bank's platform based on a digital value called BIGA, which represents a gram of gold that is physically stored in vaults of the Borsa Istanbul stock exchange, Anadolu said.

According to a 2018 survey by Zero Hedge, Turks have been showing an increasing interest in cryptocurrencies, such as Bitcoin, after the Turkish lira slumped against the dollar and other major currencies.