Fraud alert over cryptocurrency falsely linked to Saudi Arabia

The cryptocurrency being peddled by Singapore-based cryptocurrency company. (Supplied photo)
Updated 21 August 2019

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from 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.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”

 


Preventive protocols issued as Saudi Arabia moves to relax curfew further

Updated 30 May 2020

Preventive protocols issued as Saudi Arabia moves to relax curfew further

RIYADH: As Saudi Arabia moved closer to Phase 2 of the gradual relaxation of coronavirus lockdown rules, the Ministry of Interior announced precautionary measures and preventive protocols for several sectors to follow.

The preventive protocols, prepared by the Ministry of Health,  covers the period from 8 Shawwal to 28 Shawwal 1441 in the Hijri calendar, corresponding to May 31 to June 20, 2020 in the Gregorian calendar.

A ministry official said the protocols are provided for mosques;  the public; petroleum, petrochemical and gas and other industries; malls and retail centers, home delivery service, among others.

The preventive protocols can be found at: https://covid19awareness.sa/archives/5460.

The MOI urged all citizens, expatriates and concerned authorities "to implement these procedures and abide by their provisions in order to preserve the safety of all".

Also on Saturday, the acting minister of economy and planning, Mohammad bin Abdullah Al-Jadaan, said the gradual lifting of the curfew "represents a new stage in the face of the global pandemic crisis and towards a gradual return to economic activities in the Kingdom to its normal levels."
 
"The decisions were taken after continuous coordination between the Ministry of Health and the concerned authorities, relying on a focused plan that seeks to balance between procedures for reopening economic activities and maintaining the stability of health and social conditions," said Jadaan, who is also the Kingdom's minister of finance.

Al-Jadaan highlighted that the government has increased – during the last period through the state’s general budget – spending on urgent and necessary requirements to face the crisis.

It has significantly strengthened the financial allocations for the Health and related services sector.

The government also launched urgent support initiatives to mitigate the impact on the private sector, supporting the economy and to preserve the jobs of citizens in economic establishments, he said in a statement carried by the SPA.