Oman's Multi-Million Crypto Investments Trigger Sharia Compliance Discussion
The Sultanate of Oman is continuing its push into the world of cryptocurrency with a series of multi-million-dollar investments.
The country, located on the southeastern coast of the Arabian Peninsula, aims to establish itself as a digital hub in a highly competitive region.
The government has revealed plans to invest nearly $1.1 billion in cryptocurrency mining operations, according to a report from Forbes.
"This initiative aligns with our goal to diversify our economy, integrating modern technologies while upholding our commitment to ethical and sustainable practices," Sheikh Mansour Bin Taleb Bin Ali Al Hinai, Chairman of Oman's Authority for Public Services Regulations, said in a recent press statement.
One of the significant investments was a $300 million deal with the Abu Dhabi-based engineering firm Phoenix Group.
As part of the collaboration, the company will develop a 150-megawatt crypto-mining farm, known as Green Data City, which will be Oman's first licensed crypto-mining entity.
Set to launch in the upcoming year, the project marks a pivotal milestone in Oman's journey to becoming a prominent player in the digital realm.
Additionally, Exahertz International, in partnership with local authorities, has received approval for a $370 million crypto-mining farm and plans to deploy an additional 15,000 machines by October.
"Our project transcends the boundaries of traditional mining data centers. By synergizing purpose-built hardware, hyperscale abilities, and smart energy consumption,” Jad Fredrick Kharma, the CEO of Exahertz, said in an interview.
“We're building a robust framework that is both innovative and sustainable, in line with Oman's 2040 vision."
Oman's adoption of cryptocurrency aligns with the broader
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