Ministry of Finance warns against cryptocurrencies falsely tied to Saudi Arabia

Saudi Arabia’s Ministry of Finance warned on Tuesday against fraudulent companies claiming to be dealing in “virtual currencies,” including cryptocurrencies linked to Saudi riyals that they say will be used to finance projects and investments in the Kingdom.

CryptoRiyal, a cryptocurrency company in Singapore, claims on its website that the company “is a state-of-the-art AI-enabled platform that utilizes machine learning and blockchain technology to revolutionize the way people live and do business.”

The ministry said that companies have been using the Saudi emblem of the two crossed swords and a palm tree to market their websites and sway people to buy currencies that are supposedly linked to Saudi Arabia.

“Virtual currencies have appeared claiming their relationship to financing of projects, activities, or investment in KSA and using the name of the national currency of KSA [Saudi Riyal], or KSA’s emblem [two crossed swords with a palm tree] for misleading marketing of its activities such as [Crypto Riyal] or other virtual currencies,” the statement said.

The ministry warned that legal action will be taken against any entity that uses the Kingdom’s name, national currency, or emblem to market their digital currencies.