Saudi Aramco Denies Existing Bitcoin Mining Gossips

Saudi Aramco Denies Existing Bitcoin Mining Gossips

The leading oil explorer in Saudi Arabia recently claimed false and inappropriate gossip about the firm. The oil company, Saudi Aramco denies the rumors about the firm being involved in the minting of digital currency Bitcoin. The oil giant in Saudi reports the denial of the rising news that the company will embark into bitcoin mining. But the firm is very much eager to develop its business into the blockchain network

Saudi Aramco Claims False Rumors

The interesting facts about the oil company is that it is the leading producer of energy and chemicals. It has achieved a presence in the global community through its continuous and smooth supply of energy globally. Moreover, the company became an oil magnet by serving for more than 85 years in the sands of Saudi desert. 

Besides all its achievements in the industry, Aramco is planning to move into the digital space through digital transformation strategies. Additionally, the company invests huge assets in blockchain platforms to enhance its network to be blockchain-focused business. In May, Aramco contributed $6 Million to a Series A funding by a blockchain firm, Data Gumbo Corp. 

In January, Saudi Aramco invested $5 Million into VAKT, a blockchain commodity and became a new shareholder of the platform. This decision from the oil company created a huge hype among the crypto users towards digital currencies. 

However the oil company reveals an official announcement stating, 

“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.”

Crypto in Middle Eastern Countries

To surprise the crypto enthusiasts in Middle Eastern countries, the government of UAE and KSA shows huge interest in crypto space. The Authorities are looking for innovative ideas and technologies to experiment with the operations of Crypto in the country. 

At the year’s start, the Central bank of Bahrain issued a legal license for CoinMENA, a crypto exchange platform. Thus, the exchange is eligible to launch its service in several countries including the UAE and Saudi Arabia. Besides, CoinMENA receives a certificate from Shariyah Review Bureau as a Sharia-compliant platform. 

In addition, the Central bank of UAE announces to start an experiment to test the operations to launch an in-house crypto asset. Thus, the UAE financial authorities are focusing on bringing digital financial services between 2023- 2026. 

Therefore, the future of UAE can end-up being digital with more machines, robots and the workpiece of Artificial Intelligence. Further, the localities and the expats living in the country can enjoy the easy access of digital currency as their daily currency.

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.