Of the $566 billion in cryptocurrency transaction volume for the Middle East and North Africa (MENA) region between July 2021 and June 2022, nearly 40% went to Turkey, which kept its place as the region’s biggest cryptocurrency market, according to the latest Chainalysis data. In Afghanistan, the Taliban’s takeover has seen the value of cryptocurrencies sent to the country drop from a peak of $68 million to less than $80,000 per month.
Turkey Cements Position as MENA’s Biggest Crypto Market
Chainalysis latest data has shown that cryptocurrency transactions from users of the Middle East, North Africa (MENA), grew by 48% and reached $566 billion in June 2022. These data show that this is the fastest growth of any eight region.
As explained in Chainalysis’ latest blog, inflation-stricken Turkey remained the MENA region’s biggest cryptocurrency market after its citizens “received $192 billion from July 2021 to June 2022” or nearly 40% of the region’s total. However, despite cementing its position as MENA’s top crypto market, Turkey’s year-on-year crypto transaction volume growth of 10.5% means the country is ranked last among the six surveyed countries.
Meanwhile, in Egypt, whose currency — the pound — is said to be overvalued, the year-on-year (YoY) growth in cryptocurrency transaction volume topped 221.7% in the period under review. Chainalysis posted this statement regarding the rising usage in Egypt.
Egypt’s position at the intersection of growing crypto remittances and increased inflationary pressures help explain why it’s the fastest-growing crypto market in all of MENA this year. Transaction volume increased in Egypt by more than threefold between July 2021-June 2022.
Saudi Arabia, the Kingdom of Saudi Arabia has the highest YoY growth of its cryptocurrency transactions volumes in the MENA region. It is at 194.8%. The crisis-plagued Lebanon ranks third with an YoY growth rate of 120.9%. Morocco comes close with 120.8%.
Impact of the Taliban’s Takeover
In Afghanistan, which used to be the MENA leader in grassroots crypto adoption, the Taliban’s takeover in August 2021 has led to a sharp drop in the country’s onchain activity, the report noted. From the $68 million which Afghan residents received “in the average month” before the Taliban’s takeover, the country has been seeing an average volume of under $80,000 per month since November 2021.
Your thoughts? Comment below and let us know how you feel.
Image creditShutterstock. Pixabay. Wiki Commons