The Saudi Arabian Oil Company (Saudi Aramco) piqued the curiosity of crypto fanatics final 12 months after investing $ 5 million in blockchain-based oil trading firm Vakt. While the transfer is claimed to digitize and streamline post-transaction processing, Saudi Aramco can be stated to be performing Bitcoin (BTC) mining operations.

However, Saudi Arabia’s state-owned oil firm has launched an official assertion to refute the continuing Bitcoin mining rumors. It says:

“Referring to recent reports claiming that the company will start Bitcoin mining operations, Aramco confirms that these claims are completely false and inaccurate.”

Many governments, together with China, not too long ago launched crackdown on crypto mining operations within the nation, forcing corporations to take refuge in crypto-friendly nations.

On the opposite hand, Middle Eastern nations just like the United Arab Emirates and Saudi Arabia proceed to experiment with the newest improvements round cryptocurrencies. The Central Bank of Bahrain not too long ago licensed an inside cryptocurrency change to function legally within the nation.

Related: UAE are testing and launching an inside digital forex

Saudi Aramco has an extended historical past of investing in blockchain corporations. As reported by Cointelegraph, a subsidiary of Saudi Aramco is a part of a $ 6 million cope with Data Gumbo Corp. construct a industrial blockchain community.

Just final month, the Central Bank of the United Arab Emirates revealed its Strategy 2023-2026, which highlighted particular steps to check and introduce an inside digital forex. As a part of this initiative, the UAE authorities intends to implement a digital id system “to improve financial inclusion and facilitate access to financial services”.