Saudi Aramco dismisses ‘false and inaccurate’ rumors on Bitcoin mining


The Saudi Arabian Oil Firm (Saudi Aramco) had stirred curiosity amongst crypto fans final 12 months after investing $5 million in a blockchain-based oil buying and selling firm Vakt. Whereas this transfer aimed to digitize and streamline post-trade processing, Saudi Aramco was additionally rumored to undertake Bitcoin mining actions. 

Nonetheless, Saudi Arabia’s state oil firm launched an official assertion to dismiss the continued rumors round mining Bitcoin. It stated:

“With regards to current studies claiming that the corporate will embark on Bitcoin mining actions, Aramco confirms that these claims are utterly false and inaccurate.”

Many governments, together with China, have just lately unleashed a crackdown on home-grown crypto mining actions, forcing companies to search out refuge in different crypto-friendly international locations. 

However, Center Jap geographies such because the United Arab Emirates and Saudi Arabia proceed to check the newest improvements round cryptocurrency. The Central Financial institution of Bahrain just lately issued a license to an in-house crypto change for legally working inside the province.

Associated: UAE to experiment and launch an in-house digital foreign money

Saudi Aramco has an in depth historical past of investing in blockchain corporations. As reported by Cointelegraph, a Saudi Aramco Subsidiary was a part of a $6 million deal with Knowledge Gumbo Corp. for growing a business blockchain community. 

Simply final month, the Central Financial institution of the UAE introduced its 2023-2026 technique that highlighted concrete steps to experiment and launch an in-house digital foreign money. As part of this initiative, the UAE authorities intends to implement a digital identification system “to bolster monetary inclusion and quick access to monetary providers.”