Published On: Mon, May 14th, 2018

Higher Oil Prices Will Boost Saudi Investment into Ethereum and Other Cryptos

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Higher Oil Prices Will Boost Saudi Investment into Ethereum and Other Cryptos
Saudi Arabia continues to flex its investment muscle into the realm of crypto currencies. In its latest venture, the Kingdom announced that it would partner with ConsenSys to run an Ethereum blockchain boot camp to support technological development. The Kingdom will continue to invest in its infrastructure surrounding smart contracts and payment structures as long as oil prices continue to rise and wealth can be spread from the government to the people. Saudi Arabia is also planning to IPO Saudi Aramco which is the state-owned oil company. This will provide the backdrop for further investment into blockchain technology.
What is the Goal
Saudi Arabia is looking to bring smart contract awareness to the world using Ethereum, along with payment processing through Ripple. The deputy minister for the technology industry and digital capacities, said the bootcamp is part of the Ministry of Technologies 2020 action plan objectives to build a digital environment that attracts, incubates and develops skills. He cited the investment in national capacities and entrepreneurship, as the key to future growth in the Kingdom. The focus is to enhance modern technologies such as artificial intelligence, Internet of Things …

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