Lhe report, relayed by Arabic newspapers, indicates that the Middle East and North Africa region is the fastest growing cryptocurrency market in the world, with 9.2% of total cryptocurrency transactions during the same period.
Emerging markets dominate cryptocurrency transactions, the report reveals, explaining that the MENA region is home to three of the top 30 emerging countries in digital currency adoption this year, namely Turkey (12th globally), Egypt ( 14th globally) and Morocco (24th globally).
Furthermore, the paper observes that the attractiveness of crypto e-currencies has increased in Turkey and Egypt to preserve savings, at a time when their currencies, namely the Turkish Lira and the Egyptian Lira, have devalued.
The same report points out that Turkey is the largest cryptocurrency market in the Middle East, as Turks invested $192 billion from July 2021 to June 2022 in this sector. However, these figures represent a slower annual growth of around 10.5% compared to other countries in the region.
Saudi Arabia has strong potential in the cryptocurrency market, with its transaction volume increasing by 195%, the report said. The United Arab Emirates recorded market transactions of around $38 billion during the same period, compared to around $28 billion the previous year.
The Blockchain chain report showed that the main determinants of cryptocurrency purchases in the Gulf countries differ from those in the rest of the countries in the region. This difference is explained by the adoption by the younger generation, particularly in the Gulf countries, of technology and their relatively high incomes.
The adoption of virtual currencies in the Gulf countries is not limited to individuals but also includes financial institutions and banks in the Gulf, which were the first to invest in them.
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