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

The Saudi Arabian Oil Firm (Saudi Aramco) stirred curiosity amongst crypto fans final yr after investing $5 million in 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 (BTC) mining actions. 

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

“Close to current reviews claiming that the corporate will embark on Bitcoin mining actions, Aramco confirms that these claims are fully false and inaccurate.”

Many governments, together with China, have not too long ago unleashed a crackdown on home-grown crypto mining actions, forcing companies to seek out refuge in different crypto-friendly nations. 

Alternatively, Center Japanese nations such because the United Arab Emirates and Saudi Arabia proceed to check the most recent improvements round cryptocurrency. The Central Financial institution of Bahrain not too long ago issued a license to an in-house crypto change for legally working inside the nation.

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

Saudi Aramco has an intensive historical past of investing in blockchain companies. As reported by Cointelegraph, a Saudi Aramco Subsidiary was a part of a $6-million take care of Information Gumbo Corp. for creating a industrial 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 id system “to bolster monetary inclusion and easy accessibility to monetary providers.”