Rabat – Morocco, a country with a burgeoning interest in cryptocurrencies, has secured its position among the top 20 countries with the highest usage of Bitcoin, according to a recent study by finance website Insider Monkey.
The North African country demonstrated a significant interest in cryptocurrencies, ranking 13th on the list. As of 2022, 4.9% of the total population owned some form of cryptocurrency, earning the country a crypto adoption index of 14.
While Morocco shows promise in the crypto space, the country is yet to establish a comprehensive regulatory framework and mainstream acceptance of cryptocurrencies in everyday transactions.
“The country still has a long way to go in terms of introducing crypto-friendly regulations and accepting it as a mainstream form of payment by the government and the public alike,” the report said.
Despite the Moroccan government’s nationwide ban on the possession and trading of cryptocurrencies, the adoption of digital assets is notably gaining traction.
Data from the Ctypro Valley Journal revealed a notable increase, with crypto possession in Morocco surging from 2.4% in 2021 to 3.1% in 2022 and 4.9% in 2023.
Read also: Morocco Warns Citizens Against Use of Cryptocurrencies
Insider Monkey’s study combined data from the World Bank, Triple A, and Chainanalysis, to shed light on the global adoption of cryptocurrencies, particularly Bitcoin.
The report incorporated three key metrics to determine the extent of crypto usage in various countries.
These metrics included the total population from the World Bank, the percentage of the total population that owns cryptocurrencies according to Triple A, and the crypto adoption index by Chainanalysis, which considers various aspects like retail value, centralized exchange value, and trade volume.
Vietnam led the ranking as the country with the highest crypto and Bitcoin usage, with 18.73% of its population, totaling around 98.19 million individuals, engaged with cryptocurrencies.
Ukraine secured the second spot, with 15.72% of the population, approximately 38 million people, actively participating in the crypto landscape.
Meanwhile, the United States ranked third in crypto usage, followed by Thailand and India in the fourth and fifth position respectively.
