The Crypto Surge in MENA
The Middle East and North Africa (MENA) region is trading in its traditional currency values for something a bit shinier – cryptocurrencies! With a staggering $566 billion in crypto transactions between July 2021 and June 2022, MENA has slid its way to the top of the fastest-growing crypto markets worldwide. Talk about making it rain digital coins!
Who’s Making Waves?
While MENA boasts 22 countries, the crypto buzz is particularly loud in up-and-comers like Morocco, Egypt, and Turkey. These nations aren’t just speculating; they’re hopping onto the crypto train for practical purposes like savings preservation and remittance payments. After all, why let fiat currency give you bedbugs when you can swap that for the glossy promise of digital currency?
Egypt and Turkey: The Powerhouses of Crypto
Egypt and Turkey are throwing the biggest crypto parties. With local economies experiencing significant currency devaluations, fewer people are trusting their money to traditional banks and more are turning to cyber coins. Egypt saw a jaw-dropping 221.7% year-over-year growth in transaction volume. Meanwhile, Turkey reigns as the reigning champ in the region, raking in a whopping $192 billion during the report period. If crypto were a sport, these two would be in the Olympic finals!
Wealth and Influence: The Gulf Countries
Don’t think the wealthier Gulf nations are just sitting back and watching this crypto frenzy. The United Arab Emirates (UAE) — the glittery playground of Dubai — is a key player in the regional crypto chess game. Home to major institutional players, countries like Saudi Arabia and the UAE are in the top five players by crypto value received in MENA. However, their game plan leans more towards institutional investment rather than casual transactions.
Big Crypto Moves in the UAE
With immense potential in the crypto trading space, the UAE is making its mark. Major players like Binance are setting up shop, bringing local entrepreneurs along for the ride. Thanks to a recent partnership with Binance Pay, setting up a crypto business just got a whole lot more accessible. It seems like the UAE is leading a charge that could change how the world approaches currency!
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