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The Saudi Arabian Oil Firm (Saudi Aramco) stirred curiosity amongst crypto lovers final yr after investing $5 million in blockchain-based oil trading company Vakt. Whereas this transfer aimed to digitize and streamline post-trade processing, Saudi Aramco was additionally rumored to undertake Bitcoin (BTC) mining actions. 

Nonetheless, Saudi Arabia’s state oil firm launched an official statement to dismiss the continued rumors round mining Bitcoin. It mentioned:

“As regards to current experiences claiming that the corporate will embark on Bitcoin mining actions, Aramco confirms that these claims are fully false and inaccurate.”

Many governments, together with China, have recently unleashed a crackdown on home-grown crypto mining actions, forcing companies to search out refuge in different crypto-friendly nations. 

Then again, Center Japanese nations such because the United Arab Emirates and Saudi Arabia proceed to check the most recent improvements round cryptocurrency. The Central Financial institution of Bahrain not too long ago issued a license to an in-house crypto exchange for legally working throughout the nation.

Associated: UAE to experiment and launch an in-house digital currency

Saudi Aramco has an intensive historical past of investing in blockchain companies. As reported by Cointelegraph, a Saudi Aramco Subsidiary was part of a $6-million deal with Knowledge Gumbo Corp. for creating a business blockchain community. 

Simply final month, the Central Financial institution of the UAE introduced its 2023–2026 technique that highlighted concrete steps to experiment and launch an in-house digital foreign money. As part of this initiative, the UAE authorities intends to implement a digital identification system “to bolster monetary inclusion and quick access to monetary providers.”