Morocco leads North African P2P Crypto Trading

According to the latest data from Triplea, Morocco recorded a peer-to-peer crypto trading volume of $6 million in 2021 and it was enough to see it ranked as the top cryptocurrency nation in North Africa.

The data shows that only three African countries topped Morocco and these include South Africa, Nigeria and Kenya.

Breaking down the global peer-to-peer crypto trading statistics compiled by Triplea research, 878,168 people in Morocco, which makes up to 2.4% of Morocco’s population, owned cryptocurrencies in 2021.

Only four African countries have higher proportion of populations that own crypto; Nigeria(6.31%), South Africa (7.11%), Kenya(8.52%), and Ghana (3.01%).

The report also notes that there’s been an increasing interest in cryptocurrency in Morocco despite its standing regulations against crypto trading.

The report explained; “With steady increase in peer to peer crypto trading volumes over the years, Moroccans are open to crypto currency. These volumes record highs of about 2.18 million Moroccan Dirham in 2020.”

Furthermore, the report explained that the Morocco’s peer-to-peer traded volumes increased during a year when the Bank-Al-Maghrib (BAM), which also happens to be the central bank, said it would explore the opportunities of launching a digital currency.

Meanwhile, findings from the research show that Ukraine is the country with the highest crypto concentration, with 5,565,881 of its people holding crypto — which makes up for 12.73% globally. Russia comes in second with 11.91%, Venezuela with 10.34% comes in third and Kenya coming in fourth place.

With regards to the general crypto ownership, Triplea recorded that 79% of holders are male while 21% are women. Cryptocurrency owners found to be under the age of 34 make up for 58% globally. About 82% have a bachelor’s or higher degree while 36% earn an annual income that surpasses US$100,000.

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