#Morocco : Transactions by retail investors in the Middle East and North Africa (MENA) region in cryptocurrency totaled approximately $566 billion between July 2021 and June 2022, up 48% year over year, according to the data platform “Blockchain chain”.
Emerging markets dominate cryptocurrency transactions, the report reveals, explaining that the MENA region is home to three of the top 30 emerging countries in digital currency adoption this year, namely Turkey (12th globally), Egypt (14th globally). ) and Morocco (24th worldwide).
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In addition, the document notes that the attractiveness of encrypted electronic currency (cryptocurrency) has increased in Turkey and Egypt to preserve savings, at a time when their currencies, namely the Turkish lira and the Egyptian lira, have been devalued.
The same report points out that Turkey is the largest cryptocurrency market in the Middle East as Turks invested $192 billion in this sector from July 2021 to June 2022. However, these numbers represent a slower annual growth rate of about 10.5% compared to other countries in the region.
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Saudi Arabia has strong potential in the cryptocurrency market, with transaction volume up 195%, the report said. The UAE recorded market transactions of about $38 billion during the same period, compared to about $28 billion last year.
The “Blockchain chain” report showed that the key determinants of buying cryptocurrencies in the Gulf countries differ from those in the rest of the countries in the region. This difference is explained by the younger generation’s adoption of technology, especially in the Gulf States, and their relatively high incomes. The introduction of virtual currencies in the Gulf countries is not limited to individuals, but also includes financial institutions and banks in the Gulf, who were the first to invest in them.