RIYADH: A new cryptocurrency, Neom Coin, has started trading on one of the world’s largest trading platforms for digital coins BitMart — but it’s not connected to Saudi Arabia’s NEOM.
Its maker, India-based Neom Blockchain Technologies, said the city of NEOM has “no responsibility for the price movements of the cryptocurrency called Neom,” which is an abbreviation for New Earth Order Money.
The statement was released on its account on Twitter, which earlier took it down for violating the social media platform’s rules.
Twitter later “unsuspended” the account after Neom Blockchain “provided official and legal documents to Twitter executives.”
ATTENTION TO OUR COMMUNITY pic.twitter.com/0rqJiRKltV
— New Earth Order Money (@neomblockchain) January 8, 2022
The company claims to be in negotiations with NEOM to provide blockchain and graphene technologies in the futuristic Saudi city. It said it’s also in talks with “many states and smart cities in the Middle East.”
NEOM said it “has nothing to do with any third party claiming to offer a NEOM cryptocurrency,” its communications team confirmed to Arab News over email.
“NEOM does not have any digital or cryptocurrencies, or plans to offer any, at this time. Any claims relating to a cryptocurrency to be issued by NEOM are false and may be related to criminal activities,” the team said, reiterating a “crypto disclaimer” it has on its website.
Abdullah Mashat, an active crypto investor and managing director of a private Saudi retail company said: “Having the NEOM name will cause the same confusion knowing that the saudi city aims to have a futuristic outlook. I do believe consumers should do their own due diligence prior to any investments.”