The Middle East and North Africa have become leaders in the adoption of cryptocurrencies

In these regions, the volume of crypto-transactions increased by 48% compared to the previous year. The highest figure is in Egypt – the number of transactions with digital assets grew by 221% there

The Middle East and North Africa have become leaders in the adoption of cryptocurrencies

The Middle East and North Africa have led the way in the adoption of cryptocurrencies. The study was conducted on the development of the digital asset industry and includes information on 154 countries worldwide.

Between July 2021 and June 2022, these regions saw a 48% increase in crypto transactions. Latin America is in second place with 40% growth, followed by North America with 36% and Central and South Asia with a 35% increase in transactions for the year. The strongest growth in crypto-transactions was in Egypt, with a 221% increase, and in Saudi Arabia, with a 195% increase.

Analysts also indexed all countries in terms of cryptocurrency adoption. Vietnam is in first place, followed by the Philippines, Ukraine, India and the United States. Russia ranks 9th and China 10th. In last place is Afghanistan (with a complete ban on cryptocurrencies), also near the end are Brunei, Macau, Qatar, Fuji, Iceland and Luxembourg.

Despite government bans and a 31.1% decline in transaction volume, China remains the largest cryptocurrency market in its region and the fourth largest in the world. In addition, trading activity in China has even begun to recover in recent months. About Eastern Europe, the report says that 18.2% of all crypto transactions received in that region involve risky or illegal activity, which is more than any other region.

The Japanese prefer to use De-Fi services and like NFT. Among European countries, the English use decentralized platforms more often. And in Latin America cryptocurrency is used more as a means of storage and for money transfers.

Central and Northwest Europe is the world’s largest crypto-economy sector, the study says. Users and companies in the region received $1.3 trillion worth of cryptocurrencies in a year. In most of Europe’s top ten crypto markets, online activity was up 1-30% from the previous year. But two countries stand out: Germany, whose activity increased by 47%, and the Netherlands, whose activity decreased by 3%.

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