Adoption Increases in Middle East and North Africa
Cryptocurrency adoption has been on the rise even in the midst of a crypto winter. In fact, the Middle East and North Africa was the fastest growing crypto market in 2022, according to a new report by Chainalysis.
The report states that users in this region transacted $566 billion in cryptocurrency between July 2021 and June 2022, up 48% from a year earlier. This out paced other regions as crypto transactions rose 40% in Latin America, 36% in North America, and 35% in Central and Southern Asia. Other regions like Europe and Eastern Asia lagged behind by leaps and bounds.
For the report, Chainalysis conducted interviews in countries to cast what it described as a “really wide net” and talked to regulators, private businesses, OTC brokers and anyone who operated in crypto across the regions, Kim Grauer, director of research at Chainalysis, told TechCrunch.
Looking at individual countries, Turkey remains the largest cryptocurrency market. People used $192 billion of crypto in the reported timeframe. My bet is there is a ton of activity across the boards in Turkey. People are transacting in place Lebanon, Saudi Arabia, Egypt and the UAE. This is because places like Saudi Arabia and UAE are becoming a crypto hubs.
I would have thought the North America was the largest market so this data is very surprising. I think it goes to show that the crypto market is diverse and is a world wide movement. I have always envisioned a world wide currency and guess what cryptocurrencies could be just that. Now only if I could figure out which one or ones will be the winners in the long run.
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