According to a local news source ‘Daily Sabah,’ BIST exchange platform has developed a new blockchain powered customer information database which will synchronize the user database of Borsa Istanbul, Takasbank, Istanbul Clearing and the Central Securities Depository of Turkey ‘MKK.’
Founded back in year 2013, BIST is that the results of the partnership of the stock exchange in Istanbul, the Gold Exchange in Istanbul, along with the Turkish Derivatives Exchange (TurkDex). As per the exchange’s annual report for 2017, it has listed firms around 399 in total with a capitalisation of around more than $130 Bln, and $1 trillion of total traded worth.
The new platform, that is “designed according under the concept of KYC,” manages the addition of upcoming new users, manage documents, and edit info. “If needed, the application are often employed in alternatives projects too.”
In the starting of August this year, Turkey established the country’s primary university-level blockchain center to cover the blockchain gap and guarantee wide implementation of the technology. The center’s director ‘Bora Erdamar’ mentioned that Turkey might have an opportunity to become a prime country in blockchain technology adoptions very soon.
However, in recent months Turkey has illustrated a proactive approach to blockchain adoption, even considering the event of nationals digital currency, lawmakers of the state board of directors of Religious Affairs have antecedently said that Bitcoin ‘BTC’ was “not compatible” with Islam.
Despite the government’s position, digital currency exchanges in Turkey reportedly relish the support of most banks, creating it easier for new traders to begin trading in digital currencies.
Rather than this, the interest in digital currencies has been seemingly growing within the country following a dive of the national currency, the Turkish Lira. Later in Mid Aug. this year, native exchanges saw trade volumes spike by around 150 Percent, as traders tried to guard their edict savings from devaluation by investing it into Bitcoin.