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, BISTis that theresults ofthe partnership of thestock exchange in Istanbul, the Gold Exchange in Istanbul,along with theTurkish Derivatives Exchange (TurkDex). As per the exchange’s annual report for 2017, it has listedfirms around 399 in total with acapitalisationof around more than $130 Bln, and $1 trillion of totaltradedworth.
The new platform,thatis “designed according under the concept of KYC,” manages the additionof upcoming newusers, manage documents, and editinfo. “Ifneeded,the applicationare oftenemployed in alternatives projectstoo.”
In thestartingof August this year, Turkey established the country’s primary university-level blockchain center tocover the blockchain gap andguaranteewideimplementationof the technology. The center’s director ‘Bora Erdamar’mentioned that Turkeymighthavean opportunityto becomea prime country in blockchain technology adoptions very soon.
However, in recent months Turkey hasillustrateda proactive approach to blockchain adoption, even consideringthe eventof nationals digital currency, lawmakers of the stateboard of directorsof Religious Affairs haveantecedentlysaidthat Bitcoin ‘BTC’ was “not compatible” with Islam.
Despite the government’s position, digital currency exchanges in Turkey reportedlyrelishthe support of most banks,creatingit easierfor newtradersto begintrading indigital currencies.
Rather than this, the interest in digital currencies has been seemingly growingwithin thecountry following adiveof the national currency, theTurkish Lira. Later in Mid Aug. this year,nativeexchanges saw trade volumes spike byaround 150 Percent, as traders triedto guardtheiredictsavings from devaluation byinvestingit into Bitcoin.