The adoption of crypto, especially Bitcoin (BTC), in the Middle East and North Africa (MENA) has been exponential. MENA countries which comprise Egypt, Iran, Iraq, Libya, Morocco, Oman, Syria, Tunisia, United Arab Emirates, Qatar, Saudi Arabia, Algeria, Bahrain, Algeria, Bahrain, Yemen, and Lebanon, are displaying the highest rates of crypto adoption as per Chainalysis.
Of the mentioned countries, the UAE is the one receiving the most attention as the Gulf region’s cryptocurrency market has increased exponentially this year. Dubai is working really hard to achieve its objective of ranking among the top 10 cities in the world in the metaverse ecosystem. In the next five years, the goal is to boost the economy by $4 billion and generate 40,000 virtual jobs.
During the same period, $566 billion in digital currencies were received by single crypto investors from various nations in the region. Across these sovereign entities, from July 2021 to June 2022, more than 9% of the total worldwide bitcoin transactions were recorded.
As of last month, 1400 firms and 7,000 people were involved in cryptocurrencies and blockchain technology, according to Crypto Oasis.
Three of the top 30 nations on the 2022 Crypto Adoption Index are located in the MENA area, indicating that the region is not falling behind in terms of crypto adoption. Turkey, the highest-ranked of the three countries, came in at number twelve, followed by Egypt at number fourteen. On the top-30 list, Morocco came in at number 24.
The case for cryptocurrencies as viable alternative stores of value was strengthened by the economic unrest that is sharply decreasing the value of the fiat currencies of the two nations.