According to blockchain analytics firm Chainalysis, the Middle East and North Africa region has been covered in the 12-month period ending June 30. cryptocurrency It was the fastest growing market.
Users based in the Middle East and North Africa purchased $566 billion in cryptocurrencies between July 2021 and July 2022, a 48% increase over the previous year.
This growth is comparable to increases of 40% in Europe, 36% in North America and 35% in Central and Southern Asia.
The biggest increase in percentage was in Egypt, where crypto trading volume has more than tripled. Alongside the 13.5% devaluation of the Egyptian pound, Chainalysis also cited the country’s remittance market. Remittances sent by overseas workers account for about 8% of Egypt’s gross domestic product.
Turkey is the Leader of the Middle East and North Africa Region, According to Chainalysis
Turkey became the country with the largest share in the region, making up 192 billion dollars out of the total 566 billion dollars in the Middle East and North Africa. Cryptocurrency sector in Turkey had started to become extremely popular especially from the time Elon Musk started to support Dogecoin.
Cryptocurrency activity in Afghanistan, another country in the Middle East, has collapsed since last August after the Taliban took over the country and subsequently cracked down on the industry.
Afghanistan was ranked 20th in terms of crypto adoption by Chainalysis in 2021, with an average trading volume of $68 million per month before the takeover. Currently, this figure is below $80,000 per month.
*Not investment advice.
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