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Turkey to Utilize Blockchain for Gold Trading

September 7, 2019 11:31 am by FomoHunt

Istanbul - The Turkish Clearing, Settlement and Custody Bank (Takasbank) has revealed it will be using a blockchain solution for settling gold trading. The new project, “Biga” has been in development since 2018 and has already gone through a pilot phase with a number of local banks and financial firms. 

Turkey has been very forward-thinking in regards to blockchain implementation, citing its dedication in July of 2019. In 2018 reports surfaced that 18% of Turkey's population owned some form of cryptocurrency, much higher than the 4%-8% reported in the US.