Fallacious rumors dismissed by Saudi Aramco surrounding Bitcoin miningJOHN

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TL;DR Breakdown

  • Saudi Aramco has denied recent allegations of its involvement with Bitcoin mining.
  • Although Aramco has a great interest in blockchain-related firms as it has invested $5 million in Vekt.
  • A subsidiary of the organization also had taken part in building a blockchain network.

Blockchain development and experimentation have been quite active in the middle eastern countries, which makes the stance of regulators on cryptocurrencies quite interesting. Recently, the Saudi Arabian Oil Company, popularly called Saudi Aramco, has been accused of taking part in Bitcoin mining.

The accusations have been deemed to be fallacious and baseless from any perspective. Putting the variables in place, Saudi Aramco has put down these rumors, although it is clear that the organization is actively participating in the blockchain industry.

Saudi Aramco denies all the claims

As China continues to destroy crypto mining firms and crackdown inside of its boundaries, firms like this have come into the spotlight.

“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.”

officials at Saudi Aramco

The organization was rumored to have been involved in Bitcoin mining since it has been actively investing in the blockchain industry. The company had earlier invested in a blockchain-based oil trading organization called Vekt.

The Middle East experimenting with cryptocurrencies

The Middle East has been actively investing as well as experimenting with the blockchain industry. Bahrain’s Central Bank has provided a government-approved license to an in-house cryptocurrency exchange that enables the organization to operate in the country.

Along with Vekt, Saudi Aramco has actively invested in the development of a new commercial blockchain network partnering with Data Gumbo Corporation.

The government of UAE had recently revealed its 2023–2026 plans for furthering advancements in the cryptocurrency industry. While crypto regulation is still being implemented across other countries, UAE seemed to be open to blockchain-related advancements.

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