Monday, September 26, 2022

Saudi oil magnate denies Bitcoin mining rumors By BTC Peers


© Reuters. Saudi oil magnate denies Bitcoin mining rumors

The Saudi Arabian Oil Company, Saudi Aramco (SE:), has denied claims linking it with 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.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories