Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) announced the launch of its physically backed, blockchain-based electronic gold transfer system on Monday.

The system, called BIGA Digital Gold, allows “peer-to-peer transfer of digitizable gold, a physical commodity, via blockchain technology,” the bank said on Friday.

Research for BIGA Digital Gold began in 2018, with trials completed in September, the bank had previously said.

Takasbank is currently focusing on creating a structure for digitizing physical commodities and using blockchain in the financial sector.

“As a result of our efforts, we created the Digital Asset Transfer Platform, which distinguishes itself from

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