Fraud alert over cryptocurrency falsely linked to Saudi Arabia

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

 


Arab News Japanese edition to launch in October

Updated 44 min 17 sec ago
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Arab News Japanese edition to launch in October

  • Digital news service to be available in English and Japanese
  • Launch to coincide with Emperor enthronement ceremony

TOKYO: Arab News, the Middle East’s leading English language daily, is to launch a Japanese-language online edition as part of its ongoing global expansion.

The international edition will be the second under the Arab News brand, following the highly successful launch of the Pakistani edition. 

As a symbol of the cordial business, trading and cultural relations between the Kingdom and Japan, arabnews.jp will commence coverage to coincide with the enthronement of Emperor Naruhito next month. It will be a 24-hour rolling news website comprising original material generated in Tokyo and translations of Arab News’ award-winning English content.

Faisal J. Abbas, Arab News editor-in-chief, announced the project at the G1 Global conference in Tokyo on Monday, September 16.

He said: ““As part of our more digital, more global direction; we are delighted to announce the launch of Arab News Japan. The news site will be available in both English and Japanese, with a content mix that blends original reporting from both the Middle East and Japan as well as a translated feed of some of our most important news and views. 

“We are also honored to coincide our launch with our coverage of the enthronement ceremony of Emperor Naruhito. We hope that our new service arabnews.jp helps bring a better mutual understanding of both our rich cultures and become a trusted communication channel where our friends in japan can rely on us for credible information and insightful analysis,” he added.

Japan is one of Saudi Arabia’s most important economic partners. A major part of Japan’s energy imports come from Saudi Arabia. The Kingdom imports manufactured goods and electronic equipment from Japan, and is a significant destination for Japanese financial investment.

Saudi Arabia officials are working with their Japanese counterparts on the formal handover for the G20 leaders’ summit, which will take place in the Kingdom next year, following the high success event held in Osaka, Japan, in June.

At that event, Crown Prince Mohammed Bin Salman told Japanese prime minister Shinzo Abe that Japan was a country dear to the hearts of all Saudis. “We will work together to prepare for the G20 summit 2020 in the Kingdom of Saudi Arabia,” the Crown Prince said.

The prime minister praised the Kingdom’s progress in accordance with the Vision 2030 strategy and pointed to the keenness of the government of Japan and its readiness through public and private sectors to make further efforts and cooperation with the Kingdom.

Arab News is part of the regional publishing group Saudi Research and Marketing Group (SRMG). It has been the English newspaper of record for Saudi Arabia and the region for over 40 years.