Saudi Arabia’s largest oil exporter has denied any involvement in Bitcoin mining, but it continues to invest in blockchain-related enterprises.
Last year, the Saudi Arabian Oil Startup (Saudi Aramco) piqued crypto enthusiasts’ curiosity by investing $5 million in Vakt, a blockchain-based oil trading company. Saudi Aramco was rumoured to be mining Bitcoin (BTC) as part of this move, which was intended to digitise and speed post-trade processes.
Saudi Arabia’s state oil business, on the other hand, issued an official statement denying the persisting rumours about Bitcoin mining. It read:
“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.”