MENA leads crypto adoption in 2022

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Updated October 7, 2022 | Published October 7, 2022

2 mins read

The latest adoption index report by Chainalysis points to strong cryptocurrency adoption in the Middle East and North Africa.

The Middle East and North Africa (MENA) are the world’s fastest-growing regions in terms of cryptocurrency potential.

The volume of digital assets in the region jumped by 48% in the year to June, according to Chainalysis in a report published on Wednesday.

MENA is shaping up as one of the most promising regions in the world when it comes to cryptocurrency interest.

According to the report, adoption for cryptocurrencies in the region has increased to $566bn total.

Latin America came second over the same period, with North America trailing the aforementioned regions.

Central and Southern Asia and Oceania marked a 35% year-over-year growth in the meantime.

Countries that have been going through financial crisis ranked higher on the overall 2022 Global Crypto Adoption Index, the company said.

“Remittance payments account for about 8% of Egypt's GDP, and the country's national bank has already begun a project to build a crypto-based remittance corridor between Egypt and the UAE, where many Egyptian natives work”, the report remarked.

This contrasted with the Golf Cooperation Council countries, which do not rank as highly on the adoption index. In other words, cryptocurrency adoption was more common among countries that experienced financial distress, such as soaring inflation in Turkey, for example.

Afghanistan ranked 20 on the adoption index last year. This tumbled to the bottom in 2022, something that Chainalysis ascribed to the Taliban government, which banned the use of cryptocurrencies in a bid to ensure that citizens use money in the country and through the central banking system.

In fact, Afghan users received only $80,000 in crypto a month over the surveyed period, down from the $68m they were receiving before the Taliban government took over.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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