Turkish Exchange develops a Blockchain-based customer database

Istanbul Stock Exchange Istanbul Stock Exchange (BIST) developed a blockchain-based customer database, Daily Sabah reported on September 6th.

Founded in 2013, BIST is the result of the merger of the Istanbul Stock Exchange, the Istanbul Stock Exchange and the exchange of Turkish derivatives (TurkDex). According to the annual exchange report for 2017, it has 399 listed companies, a market capitalization of about $ 133 billion and $ 1 trillion total value traded.

The recent development will synchronize the database of customers of the Istanbul Stock Exchange, Istanbul Clearing, Settlement and Custody Bank (Takasbank) and Central Securities Depository of Turkey (MKK).

The new platform, which is "designed under the Know Your Customer (KYC) concept", will manage the addition of new customers, manage documents, and edit information. "If necessary, the application can also be used in other projects," BIST reported.

In early August, Turkey established the country's first blockchain university center, with the goal of bridging the blockchain skills gap and ensuring a widespread diffusion of technology. The director of the center, Bora Erdamar, said that Turkey could have the chance to become a leading country in blockchain technology.

While in recent months Turkey has shown a proactive approach to the adoption of blockchains, even considering the development of a national digital currency, the legislators of the state's religious affairs leadership said that Bitcoin (BTC) was " not compatible "with Islam.

Despite the government's position, cryptocurrency trade in Turkey is supported by most banks, making it easier for new traders to start buying and selling cryptocurrencies.

The interest in cryptocurrency has increased in the country following the collapse of the national currency, the Turkish lira. In mid-August, local exchanges saw trade peaks even as high as 150%, as traders tried to protect their fiat savings from devaluation by paying it into Bitcoin.

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