In 2021, Morocco, which previously announced measures to restrict crypto trading, became the leading crypto trading country in North Africa after its peer-to-peer (P2P) trading volume soared to $6 million.

Morocco among top four in Africa

In 2021, $6 million in peer-to-peer crypto transactions in Morocco will be enough to make it the largest cryptocurrency trading country in North Africa, according to new data from crypto payments firm Triplea. The data also showed that only three African countries outsold Morocco, including Nigeria, South Africa and Kenya.

Triplea Research Breaks Down Global Peer-to-Peer Crypto Trading Statistics data It is revealed that 2.4% of Morocco’s population, or 878,168 people, own cryptocurrencies in 2021. Only four African countries – Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%) and Ghana (3.01%) – have a higher percentage of their respective populations that own cryptocurrencies.

As noted in the research report, interest in cryptocurrencies has been on the rise in Morocco despite the country’s current regulations on cryptocurrency trading being the first Announce 2017.

“Moroccans are open to cryptocurrencies, and peer-to-peer bitcoin transaction volumes have grown steadily over the years, reaching an all-time high of 2.18 million Moroccan dirhams in 2020,” the report explained.

Furthermore, the report noted that the growth in Morocco’s peer-to-peer transaction volume comes in a year when the central bank, Bank-Al-Maghrib (BAM), said it would explore the benefits of launching a digital currency.

Ukraine leads

Meanwhile, the research platform’s findings show that Ukraine, with 5,565,881 people holding cryptocurrencies, has the highest concentration of cryptocurrency owners in the world at 12.73%. Russia came second with 11.91%, Venezuela came third with 10.34% and Kenya came fourth.

Regarding overall cryptocurrency ownership demographics, Triplea found that 79% of holders are male and 21% are female. Globally, around 58% of cryptocurrency owners were found to be under the age of 34. About 82% have a bachelor’s degree or higher, while 36% earn more than $100,000 a year.

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Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively on the economic woes of some African countries and how digital currencies can offer Africans an escape route.