Morocco Now North Africa’s Leading P2P Crypto Trading Nation – Featured Bitcoin News

In 2021, Morocco, which previously announced measures restricting cryptocurrency trading, became the leading North African cryptocurrency trading nation after its peer-to-peer (P2P) trading volumes surged to $ 6 million. .

Morocco in the Top Four in Africa

In 2021, Morocco’s peer-to-peer crypto trading volume of $ 6 million was enough for it to rank as the top cryptocurrency trading nation in North Africa, according to the latest data from crypto payment company Triplea. The data also shows that only three African countries exceeded Moroccan volumes and these include Nigeria, South Africa and Kenya.

In a breakdown of global peer-to-peer crypto trading statistics, Triplea research data shows that 2.4% of Morocco’s population, or 878,168 people, owned cryptocurrencies in 2021. Only four African countries: Kenya (8, 52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) have higher proportions of their respective populations that own cryptocurrencies.

As noted in the research report, interest in cryptocurrencies in Morocco has been on the rise despite the country’s current regulations against cryptocurrency trading, which were first announced in 2017.

“Moroccans are open to cryptocurrencies, with peer-to-peer bitcoin trading volumes steadily increasing over the years and reaching record levels of 2.18 million Moroccan dirhams in 2020,” the report explains.

Furthermore, the report notes that the increase in Moroccan peer-to-peer volumes came during a year when the central bank, Bank-Al-Maghrib (BAM), said it would explore the benefits of launching a digital currency.

Ukraine leads the pack

Meanwhile, the research platform’s findings show that Ukraine, which has 5,565,881 of its inhabitants with cryptocurrencies, is the country with the highest concentration of cryptocurrency owners globally at 12.73%. Russia ranks second with 11.91%, Venezuela ranks third with 10.34% and Kenya ranks fourth.

Regarding the general demographics of crypto ownership, Triplea found that 79% of holders are male and 21% are female. Globally, approximately 58% of cryptocurrency owners were found to be under the age of 34. About 82% have a bachelor’s degree or higher, while 36% have an annual income that exceeds $ 100,000.

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Terence zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries and on how digital currencies can provide an escape route for Africans.

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