What is Aaramco?
Aramco Coin is the world’s first Saudi Arabia and United Kingdom based, regulatory compliant digital currency supported by verified oil reserve assets. Aramco Coin(AOC) has its origin in the idea of a strong currency backed by raw materials. Its background dates back to proposals for global financial and monetary coordination prior to the hegemony of the US dollar, which resurfaced after the financial crisis of the late 1990s.
Aramco Coin enables individuals and organizations to utilize a transparent peer-to-peer exchanged digital currency with intrinsic value based on oil – the most liquid and actively traded commodity and critical energy resource for the global economy. Each Aramco Coin represents the value of one reserve barrel of crude oil and will be supported by an undivided interest in a bundle of oil assets including physical oil, oil futures and interests in oil producing properties with an aggregate value approximating the aggregate value of all Aramco Coin in circulation.
The blockchain allows the transfer of value and information, without third parties, they provide the tools to successfully face the challenge of creating platforms and financial instruments that are transparent, efficient and inclusive.
Aramco Coin will be a sovereign crypto asset backed by oil assets as a spearhead for the development of an independent, transparent and open digital economy open to all the direct participation. It will also serve as a platform for the growth of a fairer financial system that contributes to development, autonomy and trade between emerging economies.
Saudi Aramco oil assets will be used to promote the adoption of crypto assets and technologies based on ERC-20 based block-chain. The State shall promote and encourage the use of Aramco coinwith a view to consolidating it as an investment option, savings mechanism and means of exchange with State services, industry, commerce, and citizens in general.
Aramco Coin has been structured with a view towards becoming the world’s leading safehaven tokenized store of value. By linking each Aramco Coin token to existing and verified real world assets, Aramco Coin enables holders of digital and fiat currencies seeking to preserve wealth, lock in gain and/or avoid loss to acquire, hold and transfer intrinsic value in digital token form. In order to meet increased demand over time, the number of Aramco Coin in circulation and their supporting oil reserves are able to expand in tandem to maintain an approximate equilibrium between the USD price of a single Aramco Coin and single barrel of oil on global markets without diluting the interests of existing Aramco Coin holders.