According to the latest Chainalysis data, nearly 40% of the $566 billion in cryptocurrency transactions in the Middle East and North Africa (MENA) region from July 2021 to June 2022 went to Turkey and maintaining its position as the region’s largest cryptocurrency market, according to the data. In Afghanistan, the Taliban takeover has reduced the value of cryptocurrency sent from a peak of $68 million to less than $80,000 per month.
Turkey consolidates its position as MENA’s largest crypto market
According to the latest data from Chainalysis, cryptocurrency trading volume by users in the Middle East and North Africa (MENA) grew 48% to $566 billion between July 2021 and June 2022. This growth rate is the fastest among the eight regions surveyed, the data show.
As explained in Chainalysis’ latestblogInflation-hit Turkey remains the MENA region’s largest cryptocurrency market, with its citizens “receiving $192 billion from July 2021 to June 2022,” nearly 40% of the region’s total. However, despite consolidating its position as the MENA’s top crypto market, Turkey’s year-over-year crypto volume growth of 10.5% ranked it last among the six countries surveyed.
Meanwhile, in Egypt, where the currency pound is considered overvalued, year-on-year growth in cryptocurrency transaction volume surpassed 221.7%. The Chainalysis blog describes the growth in usage in Egypt as follows.
Egypt’s location at the intersection of increasing crypto remittances and rising inflationary pressures helps explain why it was the fastest growing crypto market in the entire MENA this year. between July 2021 and June 2022, transaction volume in Egypt tripled year over year. tripled year over year.
The Kingdom of Saudi Arabia is the MENA region country with the next highest year-over-year growth rate (194.8%) in its cryptocurrency transaction volume. Crisis-hit Lebanon is in third place with 120.9% YoY growth, followed closely by Morocco with 120.8%.
Impact of Taliban Takeover
In Afghanistan, once a MENA leader in grassroots crypto adoption, the report notes that the Taliban takeover in August 2021 led to a sharp decline in on-chain activity in the country The report states. From the $68 million that Afghan residents received “in an average month” before the Taliban takeover, the country has seen volumes average less than $80,000 per month since November 2021.
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