The leading exporter of oil in Saudi, Aramco has made a statement disregarding all the claims of Bitcoin mining activities, however, it has continued its focus on investing in other blockchain-related businesses.
Circulation of the Rumour
The Oil Company in Saudi Arabia, Saudi Aramco had initially triggered speculations among the crypto community after it made a massive investment of $5 million in an oil trading company that works on blockchain, called Vakt. Though the investment was intended to pursue digitalization of processes after the trade, the speculations in the crypto market related the investment to undergo Bitcoin mining activities. Although, Saudi Arabia’s largest oil export has recently released a statement that denies any involvement of the company in Bitcoin mining. The statement said that concerning the latest reports, the claims regarding the embarkment of Bitcoin mining from the company, Saudi Aramco are inaccurate and false.
Several nations like China have recently shown interest in the elimination of the national crypto mining activities. Moreover, this action from the Chinese government has further forced businesses to explore support from different crypto-friendly countries. On the contrary, the countries in Central or Middle Asia like Saudi Arabia and the United Arab Emirates are making continuous efforts and initiatives to adopt and promote advanced innovations in the crypto market. A license has been issued by the Central Bank of Bahrain to allow businesses to start an in-house crypto exchange to get legalized operations in the country.
Though Saudi Amarco has denied this news, a recognized news agency has highlighted that the company’s subsidiary was engaged in a deal worth $6 million with DaaGumbo Corp to begin the development of a commercial network of blockchain.
