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January 21, 2022
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Morocco Now North Africa’s Leading P2P Crypto Trading Nation – Featured Bitcoin News

In the yr 2021, Morocco, which beforehand introduced measures proscribing crypto buying and selling, turned North Africa’s main crypto-trading nation after its peer-to-peer (P2P) commerce volumes surged to $6 million.

Morocco in Africa’s Top Four

In 2021, Morocco’s peer-to-peer crypto commerce quantity of $6 million was sufficient to see it ranked North Africa’s high cryptocurrency buying and selling nation, in keeping with the most recent knowledge from crypto funds firm Triplea. The knowledge additionally exhibits that solely three African nations topped Morocco’s volumes and these embody Nigeria, South Africa, and Kenya.

In a breakdown of the worldwide peer-to-peer crypto commerce statistics, the Triplea analysis data exhibits that 2.4% of Morocco’s inhabitants, or 878,168 individuals, owned cryptocurrencies in 2021. Only 4 African nations — Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) — have increased proportions of their respective populations that personal crypto.

As famous within the analysis report, curiosity in cryptocurrency in Morocco has been rising regardless of the nation’s standing laws in opposition to crypto buying and selling, which have been first introduced 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 rise in Morocco’s peer-to-peer traded volumes got here throughout a yr when the central financial institution, Bank-Al-Maghrib (BAM), stated it might discover the advantages of launching a digital foreign money.

Ukraine Leads the Pack

Meanwhile, the analysis platform’s findings present that Ukraine — which has 5,565,881 of its individuals holding crypto — is the nation with the best focus of crypto house owners globally at 12.73%. Russia is ranked second with 11.91%, Venezuela is in third place with 10.34%, and Kenya is in fourth place.

With respect to general crypto possession demographics, Triplea discovered that 79% of holders are male and 21% are girls. Globally, about 58% of cryptocurrency house owners have been discovered to be beneath the age of 34. About 82% have a bachelor’s diploma or increased whereas 36% have an annual earnings that exceeds US$100,000.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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