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Report: Morocco Now North Africa’s Leading P2P Crypto Trading Nation

In the year 2021, Morocco, which formerly revealed procedures limiting crypto trading, ended up being North Africa’s leading crypto-trading nation after its peer-to-peer (P2P) trade volumes rose to $6 million.

Morocco in Africa’s Top Four

In 2021, Morocco’s peer-to-peer crypto trade volume of $6 million sufficed to see it ranked North Africa’s leading cryptocurrency trading nation, according to the current information from crypto payments business Triplea. The information also reveals that just 3 African nations topped Morocco’s volumes and these consist of Nigeria, South Africa, and Kenya.

In a breakdown of the worldwide peer-to-peer crypto trade data, the Triplea research study information reveals that 2.4% of Morocco’s population, or 878,168 individuals, owned cryptocurrencies in 2021. Only 4 African nations — Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%), and Ghana (3.01%) — have greater percentages of their particular populations that own crypto.

As kept in mind in the research study report, interest in cryptocurrency in Morocco has actually been increasing in spite of the nation’s standing guidelines versus crypto trading, which were initially revealed in 2017.

“Moroccans are open to cryptocurrency, with peer to peer bitcoin trading volumes increasing progressively throughout the years and reaching record highs of 2.18 million Moroccan Dirham in 2020,” discusses the report.

Furthermore, the report keeps in mind that the boost in Morocco’s peer-to-peer traded volumes came throughout a year when the reserve bank, Bank-Al-Maghrib (BAM), stated it would check out the advantages of introducing a digital currency.

Ukraine Leads the Pack

Meanwhile, the research study platform’s findings reveal that Ukraine — which has 5,565,881 of its individuals holding crypto — is the nation with the greatest concentration of crypto owners worldwide at 12.73%. Russia is ranked 2nd with 11.91%, Venezuela remains in 3rd location with 10.34%, and Kenya remains in 4th location.

With regard to general crypto ownership demographics, Triplea discovered that 79% of holders are male and 21% are females. Globally, about 58% of cryptocurrency owners were discovered to be under the age of 34. About 82% have a bachelor’s degree or greater while 36% have a yearly earnings that goes beyond US$100,000.

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