Crypto Real, a Singapore-based cryptocurrency company, is calling for the purchase of a cryptocurrency called Crypto Real and SmartReal, while the Saudi Finance Ministry warned against using the site as a scam.
The company uses the Saudi emblem of two crossed swords and a palm tree to promote the cryptocurrency and link it to modern projects in Saudi Arabia, such as Neum and the tourist destination being built in the north of the kingdom, to raise funds from the sale of cryptocurrency.
The Saudi Finance Ministry warned today that fraudsters are trying to entice victims to invest in a "virtual currency" with false claims that it is linked to the Saudi riyal and will be used to finance major projects.
The ministry said that "any use of the name of the Kingdom of Saudi Arabia or the national currency or national emblem by any entity to market virtual or digital currencies will be subject to legal procedures by the competent authorities in the Kingdom."
The field of cryptocurrencies is subject to numerous cases of fraud, which exploit public ignorance of how virtual currencies work, to perform tricks to raise funds.
The lack of laws regulating this area is helping some of these companies, and many of these companies are unregulated and have no assets.