Morocco Now North Africa’s Leading P2P Crypto Trading Nation – Featured Bitcoin News

In the year 2021, Morocco, which previously announced measures restricting crypto trading, became North Africa’s leading crypto-trading nation after its peer-to-peer (P2P) trade volumes surged to $6 million.

Morocco in Africa’s Top Four

In 2021, Morocco’s peer-to-peer crypto trade volume of $6 million was enough to see it ranked North Africa’s top cryptocurrency trading nation, according to the latest data from crypto payments company Triplea. The data also shows that only three African countries topped Morocco’s volumes and these include Nigeria, South Africa, and Kenya.

In a breakdown of the global peer-to-peer crypto trade statistics, the Triplea research data shows that 2.4% of Morocco’s population, or 878,168 people, owned cryptocurrencies in 2021. Only four African countries — Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) — have higher proportions of their respective populations that own crypto.

As noted in the research report, interest in cryptocurrency in Morocco has been rising despite the country’s standing regulations against crypto trading, which were first announced in 2017.

“Moroccans are open to cryptocurrency, with peer to peer bitcoin trading volumes increasing steadily over the years and reaching record highs of 2.18 million Moroccan Dirham in 2020,” explains the report.

Furthermore, the report notes that the increase in Morocco’s peer-to-peer traded volumes came during a year when the central bank, Bank-Al-Maghrib (BAM), said it would explore the benefits of launching a digital currency.

Ukraine leads the pack

Meanwhile, the research platform’s findings show that Ukraine — which has 5,565,881 of its people holding crypto — is the country with the highest concentration of crypto owners globally at 12.73%. Russia comes in second place at 11.91%. Venezuela, 10.34%, Kenya, and Venezuela are in third.

Triplea has found that 79% (of all holders) are male, and 21% (of all holders) are female. Around 58% of crypto owners worldwide were under 34 years old. About 82% have a bachelor’s degree or higher while 36% have an annual income that exceeds US$100,000.

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Terence Zimwara

Terence Zimwara was a Zimbabwean award-winning journalist and writer. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.