Saudi Aramco refutes “false and inaccurate” rumors about Bitcoin mining

Saudi Aramco sparked interest among cryptocurrency enthusiasts last year Invest 5 million U.S. dollars in Vakt, a blockchain-based oil trading companyAlthough the move is aimed at digitizing and simplifying post-transaction processing, there are also rumors that Saudi Aramco will take over Bitcoin (Bitcoin) Mining activities.

However, Saudi Arabia’s National Petroleum Corporation issued an official statement. statement Refutes continuing rumors about mining Bitcoin. it says:

“Referring to recent reports claiming that the company will carry out Bitcoin mining activities, Saudi Aramco confirms that these statements are completely false and inaccurate.”

Many governments including China Recently launched a crackdown on local cryptocurrency mining Activities have forced companies to seek asylum in other countries that are friendly to cryptocurrencies.

On the other hand, Middle Eastern countries such as the United Arab Emirates and Saudi Arabia continue to test the latest innovations around cryptocurrencies.The Central Bank of Bahrain recently Issuing licenses to internal cryptocurrency exchanges Operate legally in the country.

related: The UAE will test and launch an internal digital currency

Saudi Aramco has a long history of investing in blockchain companies.According to Cointelegraph, a Saudi Aramco subsidiary is part of a $6 million transaction Cooperate with Data Gumbo Corp. to develop a commercial blockchain network.

Just last month, the Central Bank of the UAE announced a strategy for 2023-2026, emphasizing specific steps for testing and launching an internal digital currency. As part of this plan, the UAE government intends to implement a digital identity system “to strengthen financial inclusion and easy access to financial services”.