Reported by the Arab News on August 21, the ministry has come across a firm, headquartered in Singapore, advertising 2 fraudulent digital coins, which are successively called “CryptoRiyal” and “SmartRiyal.”
The scammers behind the 2 crypto coins are claiming that their primary aim is to financially facilitate NEOM – a smart city and tourism hub that are being built in the northern region of Saudi Arabia at the moment.
Per the report, as stated in a statement released on August 20 from the ministry, the government will be resorting to legal actions against any use of the Kingdom’s name, national fiat currency or emblem.
Dr. Assad Rizq – a crypto expert in the nation – has claimed during an interview that a lot of fraudulent firms are operating without a license, with no assets in their possession and even their white paper are illegally copied from some other projects.
“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.” Dr.Rizq further added.
Despite all the troubles regarding scammers impersonating the authorities for their illegal acts, Saudi Arabia is actually in the process of designing a crypto coin, together with the United Arab Emirates (UAE).