Report: Morocco Now North Africa’s Leading P2P Crypto Trading Nation

In the yr 2021, Morocco, which beforehand introduced measures limiting crypto buying and selling, grew to become North Africa’s main crypto-trading nation after its peer-to-peer (P2P) commerce volumes surged to $6 million.

Morocco in Africa’s Top Four

In 2021, Morocco’s peer-to-peer crypto commerce quantity of $6 million was sufficient to see it ranked North Africa’s high cryptocurrency buying and selling nation, based on the newest information from crypto funds firm Triplea. The information additionally exhibits that solely three African nations topped Morocco’s volumes and these embrace Nigeria, South Africa, and Kenya.

In a breakdown of the worldwide peer-to-peer crypto commerce statistics, the Triplea analysis data exhibits that 2.4% of Morocco’s inhabitants, or 878,168 individuals, owned cryptocurrencies in 2021. Only 4 African nations — Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) — have greater proportions of their respective populations that personal crypto.

As famous within the analysis report, curiosity in cryptocurrency in Morocco has been rising regardless of the nation’s standing laws in opposition to crypto buying and selling, which had been first announced in 2017.

“Moroccans are open to cryptocurrency, with peer to see bitcoin buying and selling volumes rising steadily over time and reaching document highs of two.18 million Moroccan Dirham in 2020,” explains the report.

Furthermore, the report notes that the rise in Morocco’s peer-to-peer traded volumes got here throughout a yr when the central financial institution, Bank-Al-Maghrib (BAM), stated it will discover the advantages of launching a digital forex.

Ukraine Leads the Pack

Meanwhile, the analysis platform’s findings present that Ukraine — which has 5,565,881 of its individuals holding crypto — is the nation with the very best focus of crypto homeowners globally at 12.73%. Russia is ranked second with 11.91%, Venezuela is in third place with 10.34%, and Kenya is in fourth place.

With respect to general crypto possession demographics, Triplea discovered that 79% of holders are male and 21% are ladies. Globally, about 58% of cryptocurrency homeowners had been discovered to be underneath the age of 34. About 82% have a bachelor’s diploma or greater whereas 36% have an annual earnings that exceeds US$100,000.

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