Ministry issues statement regarding claims about the gold tracking system

Some claims regarding the Precious Metals Tracking System (KMTS), which have recently come to the fore, have caused confusion among the public. Reports suggesting that the system will be implemented by the General Directorate of the Mint and Stamp Printing House and that citizens' "under-the-pillow" gold will be tracked have been denied by a statement from the Ministry of Treasury and Finance.

In the statement, it was expressed that the primary purpose of implementing the KMTS is to prevent the production of counterfeit or low-carat gram gold in the markets and that it serves as a step aimed at preventing the victimization of citizens. It was stated that within the scope of the KMTS, gold in gram denominations and above produced by refineries will be packaged using standard identification methods, and a unique code containing information about the manufacturer and production date will be attached to them, with all this data being recorded.

Attention was drawn to the fact that claims describing the system as "open asset tracking" and assessments suggesting that "undocumented gold will only be treated as yellow metal" are unfounded. The Ministry stated that such reports contain manipulation and lead to the misdirection of citizens.

The statement included the following remarks:

"There is no monitoring or recording regarding who buys or sells gold produced within the KMTS. Evaluating the KMTS as asset tracking is merely a redirection aimed at misleading the public. Claims that citizens will not be able to cash in the gold they hold, will not be able to include it in the system, or will not be able to acquire any property with this gold do not reflect the truth."

It was reminded that citizens can cash in the gold they hold through banks, jewelers, or authorized financial institutions, and that there are no obstacles regarding transactions involving savings. It was underlined that transactions of 30 thousand liras and above made through banking and financial institutions are a regulation already applied not only for gold but for all types of commodities.

Furthermore, it was stated that the Ministry will exercise its legal rights to the fullest extent regarding any posts and reports that are misleading and alarming about the system. The purpose of the regulation is to create a secure trading environment in the gold market and to establish a system that will protect both consumers and jewelers.

News Source: 12punto