MENA Crypto Volumes Grow Fastest Between July 2021 and June 2022 – Turkey Cements Position as Region’s Largest Market – Bitcoin News in Emerging Markets

Of the $566 billion in cryptocurrency transaction volume for the Middle East and North Africa (MENA) region between July 2021 and June 2022, nearly 40% went to Turkey, which retained its place as the region’s largest cryptocurrency market, according to the latest Chainalysis data. In Afghanistan, the Taliban’s rise to power has seen the value of cryptocurrencies sent to the country drop from a peak of $68 million to below $80,000 per month.

Turkey cements its position as MENA’s largest crypto market

According to the latest Chainalysis data, the volume of cryptocurrency transactions by users from the Middle East and North Africa (MENA) grew by 48% to $566 billion between July 2021 and June 2022. The data shows that this growth rate is the fastest of any of the eight surveyed the regions.

As explained in Chainalysis’ latest blog, inflation-stricken Turkey remained the MENA region’s largest cryptocurrency market after its citizens “received $192 billion from July 2021 to June 2022” or nearly 40% of the region’s total. However, despite cementing its position as MENA’s top crypto market, Turkey’s year-on-year crypto transaction volume growth of 10.5% means it ranks last among the six countries surveyed.

Meanwhile, in Egypt, whose currency – the pound – is said to be overvalued, year-on-year growth in cryptocurrency transaction volume topped 221.7% in the period under survey. Regarding the growing use in Egypt, the Chainalysis blog said:

Egypt’s position at the intersection of growing crypto remittances and increased inflationary pressures helps explain why it is the fastest growing crypto market in all of MENA this year. Between July 2021 and June 2022, the transaction volume in Egypt tripled compared to the previous year.

The Kingdom of Saudi Arabia is the MENA region with the second highest (194.8%) growth in cryptocurrency transaction volumes. Crisis-stricken Lebanon is in third place with annual growth of 120.9%, closely followed by Morocco with 120.8%.

The impact of the Taliban’s rise to power

In Afghanistan, which was previously the MENA leader in grassroots adoption of cryptography, the Taliban’s takeover in August 2021 has led to a sharp drop in the country’s onchain activity, the report noted. From the $68 million that Afghan residents received “in the average month” before the Taliban took power, the country has seen an average volume of less than $80,000 per month since November 2021.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.