Study: MENA Crypto Volumes Grew Fastest Between July 2021 and June 2022 — Turkey Cements Position as Region’s Largest Market

Of the $566 billion in cryptocurrency transaction quantity for the Middle East and North Africa (MENA) area between July 2021 and June 2022, practically 40% went to Turkey, which stored its place because the area’s greatest cryptocurrency market, based on the most recent Chainalysis information. In Afghanistan, the Taliban’s takeover has seen the worth of cryptocurrencies despatched to the nation drop from a peak of $68 million to lower than $80,000 per thirty days.

Turkey Cements Position as MENA’s Biggest Crypto Market

According to the most recent Chainalysis information, the amount of cryptocurrency transactions by customers from the Middle East and North Africa (MENA) grew by 48% to $566 billion between July 2021 and June 2022. The information reveals this progress fee is the quickest of any of the eight areas surveyed.

As defined in Chainalysis’ newest blog, inflation-stricken Turkey remained the MENA area’s greatest cryptocurrency market after its residents “obtained $192 billion from July 2021 to June 2022” or practically 40% of the area’s whole. However, regardless of cementing its place as MENA’s prime crypto market, Turkey’s year-on-year crypto transaction quantity progress of 10.5% means the nation is ranked final among the many six surveyed international locations.

Meanwhile, in Egypt, whose foreign money — the pound — is claimed to be overvalued, the year-on-year (YoY) progress in cryptocurrency transaction quantity topped 221.7% within the interval below assessment. Concerning the rising utilization in Egypt, the Chainalysis weblog said:

Egypt’s place on the intersection of rising crypto remittances and elevated inflationary pressures assist clarify why it’s the fastest-growing crypto market in all of MENA this yr. Between July 2021 and June 2022, transaction quantity in Egypt tripled in comparison with the previous yr.

The Kingdom of Saudi Arabia is the MENA area nation with the subsequent highest (194.8%) YoY progress in its cryptocurrency transaction volumes. Crisis-torn Lebanon is in third place with a YoY progress of 120.9%, and is adopted carefully by Morocco with 120.8%.

Impact of the Taliban’s Takeover

In Afghanistan, which was once the MENA chief in grassroots crypto adoption, the Taliban’s takeover in August 2021 has led to a pointy drop within the nation’s onchain exercise, the report famous. From the $68 million which Afghan residents obtained “within the common month” earlier than the Taliban’s takeover, the nation has been seeing a mean quantity of below $80,000 per thirty days since November 2021.

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