MENA Crypto Volume to See Fastest Growth from July 2021 to June 2022 — Turkey Consolidates Position as Region’s Largest Market – Emerging Markets Bitcoin News

According to the latest Chainalysis data, nearly 40% of the $566 billion in crypto trading volume in the Middle East and North Africa (MENA) region from July 2021 to June 2022 went to Turkey, the largest in the region. maintains its position as a virtual currency market. In Afghanistan, the Taliban takeover has reduced the value of cryptocurrencies remitted to the country from his peak of $68 million to less than $80,000 per month.

Turkey Solidifies Position As MENA’s Largest Crypto Market

According to the latest data from Chainalysis, from July 2021 to June 2022, the volume of cryptocurrency transactions by users in the Middle East and North Africa (MENA) increased by 48% to reach $566 billion. 8 regions surveyed.

As explained in Chainalysis’s latest blog, inflation-plagued Turkey remains the MENA region’s largest cryptocurrency after its citizens “received $192 billion from July 2021 to June 2022.” remained a market. However, despite cementing its position as MENA’s top cryptocurrency market, Turkey’s 10.5% year-on-year growth in cryptocurrency trading volume puts Turkey at the bottom of the six countries surveyed. It means that

On the other hand, in Egypt, where the pound is said to be overvalued, the year-on-year (YoY) growth in cryptocurrency trading volume exceeded 221.7%. Regarding its increasing use in Egypt, the Chainalysis blog said:

Egypt’s position at the intersection of increasing crypto remittances and rising inflationary pressures helps explain why it is the fastest growing crypto market across MENA this year. Between July 2021 and June 2022, trading volume in Egypt tripled year-on-year.

The Kingdom of Saudi Arabia has the second highest YoY growth in cryptocurrency trading volume among countries in the MENA region (194.8%). Crisis-hit Lebanon ranks her third with 120.9% year-on-year growth, followed closely by Morocco with 120.8%.

Effects of the Taliban takeover

In Afghanistan, a MENA leader in grassroots crypto adoption, the Taliban takeover in August 2021 saw a sharp drop in on-chain activity in the country, the report notes. From $68 million received by Afghan residents “in an average month” before the Taliban takeover, the country has averaged less than $80,000 a month since November 2021.

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