Tuesday, September 21, 2021

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

The Saudi Arabian Oil Firm (Saudi Aramco) had stirred curiosity amongst crypto lovers 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. 

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

“Just about latest stories 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 lately unleashed a crackdown on home-grown crypto mining actions, forcing companies to seek out refuge in different crypto-friendly nations. 

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

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

Saudi Aramco has an intensive historical past of investing in blockchain corporations. As reported by Cointelegraph, a Saudi Aramco Subsidiary was a part of a $6 million take care of Information Gumbo Corp. for growing 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 identification system “to bolster monetary inclusion and quick access to monetary companies.”

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