BUSINESS & FINANCE

Morocco Now North Africa’s Leading P2P Crypto Trading Nation

Morocco became North Africa’s largest crypto-trading nation in 2021, when its peer-to-peer (P2P) transaction volumes soared to $6 million. Morocco has earlier proposed steps banning crypto trading.

Morocco in Africa’s Top Four

According to the most recent data from crypto payments provider Triplea, Morocco’s peer-to-peer crypto transaction volume of $6 million was enough to place it as the top cryptocurrency trading nation in North Africa in 2021. Only three African countries outperformed Morocco in terms of volume, according to the data: Nigeria, South Africa, and Kenya.

According to Triplea study, 2.4 percent of Morocco’s population, or 878,168 people, held cryptocurrencies in 2021, based on worldwide peer-to-peer crypto transaction statistics. Only four African nations have larger shares of their populations who hold cryptocurrency: Kenya (8.52 percent), South Africa (7.11 percent), Nigeria (6.31 percent), and Ghana (3.01 percent).

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Despite the country’s long-standing anti-crypto trading legislation, which were initially declared in 2017, interest in cryptocurrency has been growing in Morocco, according to the study report.

“Moroccans are open to cryptocurrencies,” according to the survey, “with peer-to-peer bitcoin trade volumes continuously growing over the years and hitting record highs of 2.18 million Moroccan Dirham in 2020.”

Furthermore, the paper points out that the surge in peer-to-peer trading volumes in Morocco occurred during a year in which the central bank, Bank-Al-Maghrib (BAM), announced that it would investigate the merits of creating a digital currency.

Ukraine Leads the Pack

Meanwhile, the findings of the research platform suggest that Ukraine, with 5,565,881 crypto owners, is the nation with the greatest concentration of crypto owners in the world, at 12.73 percent. With 11.91 percent, Russia comes in second, Venezuela comes in third with 10.34 percent, and Kenya comes in fourth.

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In terms of total cryptocurrency ownership demographics, Triplea discovered that 79 percent of holders are males and 21% are women. Around 58 percent of bitcoin owners are under the age of 34 worldwide. Around 82 percent have a bachelor’s degree or more, and 36 percent earn more than $100,000 each year.

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