The biggest oil explorer in Saudi Arabia caught the attention of crypto enthusiasts last year when it invested $5 million in Vakt, a blockchain-based oil trading company, in a move to help digitize and streamline post-trading processing.
Saudi Aramco was also rumored to be participating in Bitcoin mining activities but the company has come out publicly to refute such claims while maintaining its interest in blockchain-focused businesses.
The company released an official statement dispelling existing rumors. It stated:
Saudi Aramco already has a reputation of investing in Blockchain-related companies, and last month UAE’s Central Bank announced plans to experiment and launch a local digital currency by 2023-2036. The UAE government intends to put up a digital identity system to support the CBDC initiative.
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Source: Cryptocurrency - investing.com
