Saudi Aramco dismisses ‘incorrect and unreliable’ reports on Bitcoin mining

Saudi’s greatest oil exporter rejected claims of participation in Bitcoin mining activities however continues to bank on blockchain-focused companies.

Saudi Aramco dismisses 'false and inaccurate' rumors on Bitcoin mining

The Saudi Arabian Oil Company (Saudi Aramco) had actually stirred interest amongst crypto lovers in 2015 after investing $5 million in a blockchain-based oil trading businessVakt While this relocation intended to digitize and simplify post-trade processing, Saudi Aramco was likewise reported to carry out Bitcoin mining activities.

However, Saudi Arabia’s state oil business launched a main declaration to dismiss the continuous reports around miningBitcoin It stated:

“With reference to recent reports claiming that the company will embark on Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.”

Many federal governments, consisting of China, have actually just recently let loose a crackdown on home-grown crypto mining activities, requiring companies to discover haven in other crypto-friendly nations.

On the other hand, Middle Eastern locations such as the United Arab Emirates and Saudi Arabia continue to evaluate the most recent developments around cryptocurrency. The Central Bank of Bahrain just recently provided a license to an internal crypto exchange for lawfully running within the province.

Related: UAE to experiment and release an internal digital currency

Saudi Aramco has a substantial history of buying blockchain companies. As reported by CryptoPumpNews, a Saudi Aramco Subsidiary became part of a $6 million handleData Gumbo Corp for establishing a business blockchain network.

Just last month, the Central Bank of the UAE revealed its 2023-2026 technique that highlighted concrete actions to experiment and release an internal digital currency. As a part of this effort, the UAE federal government plans to execute a digital identity system “to bolster financial inclusion and easy access to financial services.”


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John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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