Rabat – Morocco is making strides in the global cryptocurrency landscape, securing a spot among the top 20 countries in the global crypto index, according to a recent report by Chainanalysis.
The country is witnessing a substantial increase in crypto engagement, propelled by a growing interest in decentralized finance (DeFi) and blockchain technology.
Despite the nationwide ban, Morocco’s tech-savvy youth are actively exploring the potential of cryptocurrencies.
The report highlighted the Middle East & North Africa (MENA) region’s trends in cryptocurrency adoption and transactions.
“MENA is home to three of the top 30 countries in this year’s index: Turkey (12), Morocco (20), and Iran (28),” the report highlighted.
The region is experiencing a crypto renaissance, with an estimated on-chain value of $389.8 billion received between July 2022 and June 2023.
According to the report, this represents approximately 7.2% of the global transaction volume during this period, according to the report.
At the top of the regional ranking is the UAE, with its regulatory approach and openness to blockchain technology.
The UAE’s crypto-friendly environment has attracted global crypto entrepreneurs and businesses, added the source.
Turkey has ranked fourth globally in terms of raw crypto transaction volume, receiving around $170 billion over the last year.
Read also: Morocco Among Top 20 Countries with Highest Bitcoin Usage
The country is witnessing a surge in crypto adoption, driven by factors such as rising inflation and the devaluation of the Turkish Lira, said the report.
In addition, Saudi Arabia showcased a notable 12% year-over-year growth in crypto transaction volume, reflecting a growing interest and acceptance of cryptocurrencies within the region.
The report highlighted the multifaceted motivations driving crypto adoption in the MENA region. For instance, cryptocurrencies have emerged as a vital tool to preserve and safeguard wealth for countries grappling with unstable currencies and high inflation rates.
Meanwhile, “users in more economically stable countries like the UAE may be more inclined to explore more investment-focused, cutting edge use cases,” concluded the report.
