Saudi Aramco denies rumors it will produce bitcoins
The Saudi state-owned oil company said reports it will engage in the process of creating cryptocurrency are "false."
Saudi Arabia’s state oil company has denied reports it will make more of the cryptocurrency Bitcoin.
Aramco called claims they would engage in Bitcoin mining “false and inaccurate” in a Monday press release.
“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,” the oil giant said.
Bitcoin is an entirely digital currency that exists online and can be used for purchases. There is no single administrator, and balances are stored on a ledger anyone can access. It is revolutionary in that it is not backed by a bank or government, according to the financial website Investopedia.
