If you're stopping by for the first time and you haven't already and you want to, please subscribe.

The Middle East and North Africa is the most growing region in the crypto market according to the latest research

 

The Middle East and North Africa is the most growing region in the crypto market according to the latest research
The cryptocurrency sector continues to grow continuously across the globe, with the Middle East and North Africa (MENA) region has emerged over the past year, as it recorded the highest growth in the volume of cryptocurrency transactions year on year compared to all transactions in other regions.

As the reports confirmed, the Middle East and North Africa region recorded an increase in the volume of cryptocurrency transactions by 48% between June 2021 and June 2022, the largest increase in the world, according to the new Crypto Geography 2022 report published by crypto analytics platform Chainalysis on October 20. 

The Middle East and North African countries are at the forefront

In second place comes Latin America with year-over-year crypto transaction volume growth of 40%, followed by North America with an increase of 36% and Central and South Asia with 35%. East Asia recorded the slowest growth at just 4%.

According to the report, the reason for the growth of the MENA region can be attributed to the use cases of three of the region's leading countries in cryptocurrency adoption. The report also highlighted:
“The Middle East and North Africa region is also home to three of the top thirty countries in this year’s index: Turkey (12), Egypt (14), and Morocco (24). Use cases for savings and remittance payments as well as increasingly lax crypto regulations help explain why.”

 Egypt grabs the spotlight in the region

Among the MENA countries, Egypt is the country with the highest growth rate in crypto transactions, with a massive increase of 221.7%, followed by Saudi Arabia at 194.8%, and Lebanon at 120.9%.


As the report confirms:
“Egypt’s current location where increasing cryptocurrency transfers and an increase in inflationary pressures intersect helps explain why it is the fastest growing cryptocurrency market in the MENA region this year. Between July 2021 and June 2022, the volume of transactions in Egypt tripled compared to the previous year.”

On the other hand, Turkey remains “the largest cryptocurrency market in the region, with its citizens receiving $192 billion from July 2021 to June 2022, but experiencing much slower year-on-year growth.”

 The received cipher value is still low

However, the MENA region accounts for only 9% of the value of cryptocurrency received worldwide, far behind the world's largest cryptocurrency economy in Central, Northern, and Western Europe at 21.9%, North America at 19%, and Central and Southern Asia and Oceania. by 15.8%.

The reasons for these poor results can be partly attributed to the crypto crackdown by the Taliban regime in Afghanistan, which has seen the arrest of several cryptocurrency traders who violated instructions to stop any cryptocurrency trading and the shutdown of decentralized finance (DeFi) in the country.

Comments

Post a Comment


To stay up-to-date with all of our latest content, please consider following us on social media.




Popular posts from this blog

Create a Payza account Free in 2 minutes!

Image
Payza is a free online payment service, like Paypal, Neteller and Payoneer, allowing you to send, transfer and receive money online very easily and securely. And you can also transfer money to your bank account or add it to your Payza account. How to open / create a Payza account? Registration is quick and easy, just click here www.payza.org then: - Click on "Sign up" and choose your type of account you want "Personal Account or Business". - Fill in your personal data correctly: Your no name and first name, email address and password "Enter at least 8 characters, include capital letters, lowercase letters, numbers and symbols". After your registration do not forget to check your mailbox to confirm your registration. Wait! Things are not done yet, let's talk about services, which Payza offers its members: 1. Opening an account for free and without annual fees. 2. Send money fast and safely. 3. Receive your payments quickly and sec
Read more

The latest information about the new Facebook Cryptocurrency

Image
Some time ago, we became aware that Facebook was planning to launch its new currency, but now we have more and more assurances about it. The new currency will enable users to make purchases through various Facebook platforms such as Messenger, WattsApp and Instagram, whether the user has a bank account or not. BBC sources indicate that Mark Zuckerberg has engaged in a lengthy dialogue with the Bank of England Governor on the subject.
Read more

Binance and its CEO are under surveillance, according to the “Wall Street Journal”

Image
  Binance, the leading digital currency trading platform, faces legal and operational challenges that may determine its future course. According to information obtained by the Wall Street Journal from undisclosed sources, Changpeng Zhao, known as “CZ,” may be subject to criminal charges by the American authorities after a period of investigation. Despite the obstacles Binance has faced recently, such as the departure of some senior staff and extensive layoffs, there are those who remain optimistic about the sector’s ability to recover, such as Matt Hogan of Bitwise, who sees the field as strong and resilient. Despite these challenges, Binance co-founder Yi He confirms that the company will overcome these difficulties. Confidence within the company is wavering, especially with Binance's trading volume falling to half of global trading from 70% at the beginning of the year. Previous reports indicated that US authorities are considering accusing Binance of illegal practices, which thr
Read more

Create a Paysera bank account

Image
How to open/create a Paysera account? Paysera Bank is one of the best electronic banks in 2021 and was founded in 2006, with its headquarters in Lithuania. Paysera bank started as a real bank and not electronic, then after that it modernized and developed its services and became the owner of electronic bank services as well, surpassing its counterparts from other electronic banks. Advantages of Paysera card You can have a bank account with them for free. Provides the Visa Paisera card service that helps you activate your PayPal account. Currency exchange service that includes about 32 multiple currencies. More than 150 countries around the world can transfer money with the Paisera card Bank. The lowest commission and costs among its counterparts from other electronic banks. You can order up to five Visa cards for each account you hold with them. It has a high degree of security and account protection. You can transfer your paysera account to your WebMoney account or to your Payza bank
Read more

Digital encapsulated tokens issued by FTX or Alameda are no longer redeemable!

Image
  Following FTX's Chapter 11 bankruptcy filing, the encapsulated cryptocurrency issued by crypto exchange FTX or its sister trading partner Alameda Research has now been hit by a significant drop in prices. According to Coingecko data, the bitcoin encapsulated on Sollet has fallen by more than 60% in the past 24 hours, significantly below the value of the original bitcoin. In contrast, the price of Ethereum encapsulated on Sollet also fell but by only 8% over the same 24-hour time frame. It should be noted that for both encapsulated digital tokens, soETH and soBTC, Coingecko displays a warning notice on its website that: SOBTC digital tokens are encapsulated with bitcoin tokens issued by FTX or ALAMEDA. These two entities have filed for Chapter 11 bankruptcy, so the original cryptocurrency is no longer recoverable. Cryptocurrencies, such as Bitcoin or Ethereum, on Solana make these assets available for use on the Solana blockchain so that users can hold or trade them in place of ac
Read more