Saudi oil magnate denies Bitcoin mining rumors
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Saudi oil magnate denies Bitcoin mining rumors

Saudu Clement
Saudu Clement

The Saudi Arabian Oil Company, Saudi Aramco, has denied claims linking it with Bitcoin mining activities.

The biggest oil explorer in Saudi Arabia caught the attention of crypto enthusiasts last year when it invested $5 million in Vakt, a blockchain-based oil trading company, in a move to help digitize and streamline post-trading processing.

Saudi Aramco was also rumored to be participating in Bitcoin mining activities but the company has come out publicly to refute such claims while maintaining its interest in blockchain-focused businesses.

The company released an official statement dispelling existing rumors. 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.

While other government agencies have laid strict rules relating to cryptocurrency mining, Middle Eastern countries such as the UAE and Saudi Arabia have continuously tried out trending innovations in the crypto industry.

Saudi Aramco already has a reputation of investing in Blockchain-related companies, and last month UAE’s Central Bank announced plans to experiment and launch a local digital currency by 2023-2036. The UAE government intends to put up a digital identity system to support the CBDC initiative.