According to the blockchain analytics platform Chainalysis, users in countries located in the MENA region received a total of $566 billion worth of bitcoin between July 2021 and June 2022. This is an almost 50% increase over the previous year’s total.
The research identified two markets that proved the prevalent usage of cryptocurrencies in the area. These markets revealed the use of cryptocurrencies in order to maintain value in the face of debasing currencies and to conduct remittance payments.
While the value of cryptocurrencies has experienced a great deal of volatility over the past year, the currencies of Turkey and Egypt have both experienced significant devaluation. The Turkish lira has experienced inflation of 80.5% over the past year, while the Egyptian pound has experienced a drop in the value of 13.5%.
Because of this, cryptocurrencies have inevitably become more desirable, as seen by the fact that people of Turkey received 192 billion dollars in cryptocurrency from July 2021 to June 2022, while transactions in Egypt tripled over this time period in comparison to the previous year.
The central bank of the latter nation has also made progress in easing the use of crypto-based remittances, which are payments brought in from outside Egypt and make up 8% of the country’s GDP. As a result of these characteristics, it has become the region’s crypto industry with the quickest growth.
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