Despite a tumultuous year, digital assets, especially bitcoin, continue to be popular. The more governments fight against them, the more citizens seem to embrace them. In this frantic race for the adoption of cryptocurrencies, the Middle East and North Africa are climbing the steps and gradually rising to the top.
Impressive growth of the crypto market in the MENA region
In terms of adoption of digital assets, North Africa and the Middle East are negligible markets. However, these areas are experiencing some of the fastest growing in the world. According to a report from Chainalysis, cryptocurrency users in the Middle East and North Africa received approximately $566 billion between July 2021 and June 2022.
This data is up 48% from last year. So far, many countries are still struggling to recognize the value of cryptos. Nevertheless, they are gaining more and more ground and spreading like wildfire. Currently, the MENA region which includes the Middle East and North Africa is home to three of the thirty countries with the highest adoption.
Among others, Turkey, in twelfth position, Morocco in twenty-fourth and Egypt in fourteenth place. Several reasons can explain this massive adoption. In particular, the fluctuation of cryptocurrency prices and increasingly permissive regulations.
The Turkish Lira has risen more than 80% over the past year. Although the Egyptian pound fell by 13.5%, remittances account for more than 8% of the country’s GDP. Additionally, the Egyptian Bank plans to launch a project to send cryptos to the UAE. While inflation is raging, Morocco is doing well with a rate of 5.3%.
The Middle East and North Africa is experiencing exponential crypto growth in a year. While cryptocurrencies are highly criticized, some governments see advantages in them. However, in others like Morocco, the levels of adoption are more the result of the new permissive rules than of a real development strategy.
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