Saudi Aramco Refuse Bitcoin Mining Rumors
The largest oil exporter, Saudi Arabia has denied involvement in Bitcoin mining but continues to invest in blockchain-related businesses.
Last year, the Saudi Arabian Oil Company (Saudi Aramco) piqued interest among crypto enthusiasts by investing $5 million in blockchain-based oil trading platform Vakt. While this move was reportedly made to digitize and streamline post-trade processing, Saudi Aramco was also rumored to be mining Bitcoin (BTC).
Saudi Arabia’s state oil company, on the other hand, issued an official statement dispelling ongoing rumors about Bitcoin mining. It read as follows:
“With reference to recent reports that Aramco will begin Bitcoin mining operations, Aramco confirms that these claims are completely false and inaccurate.”
Countries like china forcing their crypto miners to take shelter in different crypto-friendly countries. On the other hand, countries in the Middle East, such as the United Arab Emirates and Saudi Arabia, continue to experiment with the latest cryptocurrency innovations. Bahrain’s Central Bank recently granted a license to an in-house cryptocurrency exchange to operate legally within the country.
Saudi Aramco has a long track record of investing in blockchain startups. Saudi Aramco subsidiary was involved in a $6 million deal with Data Gumbo Corp. to develop a commercial blockchain network.
Only last month, the UAE’s Central Bank unveiled its 2023–2026 strategy, which included concrete steps toward experimenting with and launching an in-house digital currency. The UAE government intends to implement a digital identity system as part of this initiative “to bolster financial inclusion and easy access to financial services.”