A study by Chainalysis revealed that citizens from the Middle East & North Africa are rapidly entering the crypto sector and the growth of crypto-related activities surged by 48% mid of 2021 to mid of 2022.
Actual data are showing that crypto & blockchain adoption is surging rapidly in the whole world and this surging adoption can be seen in the Middle East and North Africa to a very significant degree, as crypto transactions activities surged in these regions. The adoption of this innovative sector is not limited to crypto assets investment but also many big tech sectors are adopting blockchain technology & crypto networks.
On 20 October, The crypto analytic platform Chainalysis published a report on the increased on-chain crypto transaction volume because of the increasing involvement of the population of the Middle East and North Africa (MENA).
The study noted that in the time frame between June 2021 and June 2022, the crypto transaction volume in MENA surged by around 48% which is the highest among other regions of the world
In the same period, the crypto transaction volume surged in Latin America, North America and Central, and Southern Asia by 40%, 36%, and 35% respectively. In these all regions, it was only Eastern Asia which showed very less surge jn crypto transaction volume, that was only 4%.
The report noted that the rapid surge in crypto transaction volume in MENA may be because of the increasing use cases of cryptocurrencies in the payment systems.
“MENA is also home to three of the top thirty countries in this year’s index: Turkey (12), Egypt (14), and Morocco (24). Use cases around savings preservation and remittance payments, as well as increasingly permissive crypto regulations, help explain why,” the report stated.
Egypt, one of the MENA countries, showed a 221.7% increment in the transaction volume over the last year, while the same number surged by 194.8% in Saudi Arabia. At the third place, it was Lebanon where crypto transaction volume surged by 120.9%.