MENA is Leader in Crypto Adoption

According to a study carried out by Chainalysis, developing countries are leading the world in terms of the use of digital currencies.

Such instruments are most popular in the Middle East and North African states. From July 2021 to June 2022, virtual currency transactions in these regions exceeded $566 billion.

Compared to 2020, the amount of transactions increased by 48%. The scale of the use of cryptocurrencies in the countries of North and South America increased by 36% and 40%, respectively. In Africa and the Middle East, digital currencies are most popular in Turkey, Egypt and Morocco.

As these states faced huge inflation, this has led to the collapse of their national currencies.