Oman has taken a big step in its digitalization journey with the launch of a cryptocurrency mining facility valued at $350 million.
This mining heart is the second to open within the nation throughout the final 10 months, demonstrating Oman’s growing curiosity within the crypto and blockchain area.
Named the Afaaq for Superior Applied sciences knowledge internet hosting and Cryptocurrency mining heart, the facility is positioned within the Salalah Free Zone to remodel and develop the nation’s digital financial system.
Oman is acknowledged as an oil-dominated nation which, though not a member of OPEC, is “one of many taking part international locations of the ‘Declaration of Cooperation’, and has an extended and wealthy historical past of collaboration with OPEC, spanning practically three many years.”
The nation which posted a finances surplus of $1.71 billion in H1 2023, desires to develop its scope past oil, thereby exploring cryptocurrency mining as an possibility.
Along with this new facility, a $389 million mining heart was launched in November final 12 months.
Moreover, Oman’s authorities not too long ago initiated a consultation paper on a nationwide crypto framework, indicating its intention to determine a regulated setting for digital asset suppliers.
The framework may require native places of work for digital asset suppliers, emphasize safety measures, and encourage transparency.
In the course of the inauguration occasion, Eng Al Maawali, the Minister of Transport, Communication, and Info Know-how, emphasised the significance of the brand new knowledge facilities as a pivotal step in Oman’s digital transformation journey.
He emphasised that these facilities will contribute to boosting the digital financial system and producing contemporary alternatives for Omanis.
Eng Al Maawali additionally recommended Afaaq for Superior Applied sciences for its position in establishing the information facilities, contemplating the corporate a key participant within the knowledge internet hosting and processing sector that may tremendously profit Oman’s digital financial system.
Sam Ferdows, CEO of Moonwalk Methods and Strategic Associate of Exahertz Worldwide, revealed plans for an expanded community of blockchain-based knowledge facilities in Oman, starting with a pilot venture in Salalah.
In the course of the inauguration occasion of the facility, Eng Al Maawali, the Minister of Transport, Communication, and Info Know-how, highlighted the importance of the brand new knowledge facilities as a pivotal step in Oman’s digital transformation journey.
He emphasised that these facilities will contribute to boosting the digital financial system and producing contemporary alternatives for Omanis.
Eng Al Maawali additionally recommended Afaaq for Superior Applied sciences for its position in establishing the information facilities, contemplating the corporate a key participant within the knowledge internet hosting and processing sector that may tremendously profit Oman’s digital financial system.
Sam Ferdows, CEO of Moonwalk Methods and Strategic Associate of Exahertz Worldwide, revealed plans for an expanded community of blockchain-based knowledge facilities in Oman, starting with a pilot venture in Salalah.