- With a year-over-year increase of 120.9%, Morocco comes in at number two.
- transaction volume in Egypt tripled compared to the preceding year.
Chainalysis reports that between July 2021 and June 2022, MENA consumers saw a 48% increase in crypto transaction volume, reaching $566 billion. Among the eight areas studied, this pace of expansion stands out as the quickest.
According to the most recent blog post by crypto research firm Chainalysis, despite the country’s high inflation rate, Turkish people “received $192 billion from July 2021 to June 2022,” accounting for roughly 40% of the total in the MENA area. Turkey has been the leading crypto market in the Middle East and North Africa (MENA) region, but it ranks last out of the six nations examined due to its slowest increase in crypto transaction volume year over year at 10.5%.
Meanwhile, year-over-year (YoY) increase in cryptocurrency transaction volume in Egypt, whose currency, the pound, is thought to be overpriced, surpassed 221.7% in the time under review.
The Chainalysis blog stated:
“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. Between July 2021 and June 2022, transaction volume in Egypt tripled compared to the preceding year.”
After Egypt, the Kingdom of Saudi Arabia had the biggest year-over-year increase in cryptocurrency transactions, at 194.8%. With a year-over-year increase of 120.9%, Morocco comes in at number two, followed by crisis-hit Lebanon at number three.
The report observed that when the Taliban took control in August 2021, on-chain activity in Afghanistan, which had been the MENA leader in grassroots crypto adoption, dropped significantly. Since November 2021, the amount flowing into Afghanistan has dropped from an average of $68 million per month before the Taliban’s control to less than $80,000 per month.
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