Cryptocurrencies attached to physical gold, after Australia it is now Turkey's turn

By Roberto D. | CryptoFarm | 2 Jan 2020


The new blockchain platform was announced last September and within a few months, as announced yesterday, it became reality; Takasbank has in fact announced the launch of BiGA Digital Gold on its official website with a press release released yesterday, Monday 30 December.

The new platform, based on blockchain technology, will allow the transfer of digital assets whose value is linked to physical gold; each coin will therefore represent a gram of gold and its storage will be handled by the Istanbul stock exchange.

The concept that supports this like other initiatives of this kind is to make gold intangible, thus facilitating its transfer, while physical gold, to which the encrypted assets are attached, remains "comfortably" in custody with the banks.

Some of the major Turkish banks, as well as state and private lenders, participated in the project, confirming how much Turkey, understood as a country system, has decided to invest in blockchain technology; after all, it was President Erdogan himself, in his political program for 2020, who stated how crucial the blockchain is for the growth of the country.

The announcements, therefore, were followed by the facts, along the lines of what is happening in China, therefore, the Turkish government is also preparing to issue its own state crypto (a CBDC in technical terms); just as happened in China, also in Turkey, government announcements in support of blockchain technology followed an important and sudden growth in investments in the sector, both publicly and privately.

 

Unlike what happens in China, however, the Turkish government does not seem so committed to clearly distinguish cryptocurrencies from the technology that allows them to function; while the government of the Asian giant has spent the past few months reminding Chinese citizens that "blockchain does not mean bitcoin" in Turkey, at least for now, there seems to be no such trend.

Another not insignificant detail concerns the large diffusion of bitcoins at the local level as a consequence of the Turkish lira crisis of a couple of years ago, an event that marked a turning point for the country's bitcoiners and that has seen, from that moment on, Bitcoin exchange volumes grow exponentially; in fact, it is no coincidence that the country attracted the attention of a giant like Binance who not only opened to deposits in Turkish lira in mid-November, but who immediately afterwards, according to rumors around, started to move to open a new office in Turkey, as shown by the staff search announcements published on linkedin.

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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 https://linktr.ee/robertod


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