Saudi Aramco denies Bitcoin mining rumors
The oil giant Saudi Aramco has denied the rumor that the company will enter the crypto space. The announcement came after a miner from Brazil, Ray Nasser, shared details about Saudi Aramco's plan to mine Bitcoin in an interview with the channel Bitconheiros on Youtube.
The rumor that Saudi Aramco plans to mine Bitcoin reached many investors on Twitter. However, the state-owned oil company released an official statement to reject the ongoing rumors about mining Bitcoin. It said, " 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."
Saudi Aramco has invested in blockchain in the past
Saudi Aramco has a long history of investing in blockchain companies. One of Saudi Aramco's subsidiaries was involved in a $6 million deal with Data Gumbo Corp to develop a commercial blockchain network. The company also showed its interest in the technology last year when it invested $5 million in blockchain-based oil trading company Vakt.Last month, the UAE's Central Bank announced its 2023-2026 strategy, which includes concrete steps to test and launch its digital currency. As part of this initiative, the UAE government aims to introduce a digital identity system "to promote financial inclusion and easy access to financial services."
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