Saudi Aramco dismisses false and inaccurate Bitcoin mining rumors

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The Saudi Arabian Oil Company (Saudi Aramco) sparked the interest of crypto enthusiasts last year after investing $ 5 million in blockchain-based oil trading company Vakt. While this move was aimed at digitizing and streamlining post-trade processing, it was also rumored that Saudi Aramco was undertaking Bitcoin (BTC) mining activities.

However, the Saudi Arabian state oil company has released an official statement to dismiss ongoing rumors about Bitcoin mining. It said:

Referring to recent reports claiming that the company will engage in Bitcoin mining activities, Aramco confirms that these claims are completely false and inaccurate.

Many governments, including China, have recently launched a crackdown on local cryptocurrency mining activities, forcing companies to seek refuge in other crypto-friendly countries.

On the other hand, countries in the Middle East such as the United Arab Emirates and Saudi Arabia continue to test the latest innovations around cryptocurrency. The Central Bank of Bahrain recently licensed an internal crypto exchange to operate legally in the country.

Related: UAE Experiments and Launches Internal Digital Currency

Saudi Aramco has a long history of investing in blockchain companies. As Cointelegraph reported, a subsidiary of Saudi Aramco was part of a $ 6 million deal with Data Gumbo Corp. for the development of a commercial blockchain network.

Last month, the UAE Central Bank announced its 20232026 strategy which highlighted concrete steps to experiment and launch an internal digital currency. As part of this initiative, the UAE government intends to implement a digital identity system to enhance financial inclusion and easy access to financial services.

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