Crypto Currency News

Morocco already ranks among the top four countries in Africa for P2P crypto trading

2.4% of Morocco's population, or 878,168 people, already own cryptocurrencies

With a peer-to-peer cryptocurrency trading volume surpassing $ 6 million in 2021, Morocco already ranks among the top 4 “crypto countries” in Africa, second only to Nigeria, South Africa and Kenya.

According to a study of global peer-to-peer cryptocurrency trading statistics -P2P- by crypto payments company Triplea, 2.4% of Morocco’s population, or 878,168 people, owned cryptocurrencies in 2021. Only four African countries – Kenya (8.52%), South Africa (7.11%), Nigeria (6.31%) and Ghana (3.01%) – have higher proportions.

This indicates that despite the country’s permanent regulations against crypto trading, which were first announced in 2017, interest in cryptocurrency in Morocco has been on the rise. The report explains that: “Moroccans are open to cryptocurrency, with bitcoin P2P trading volumes steadily increasing over the years and reaching all-time highs of 2.18 million Moroccan dirhams in 2020.”

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Furthermore, the report notes that the increase in Moroccan peer-to-peer trading volumes came during a year in which the central bank, Bank-Al-Maghrib (BAM), said it would explore the benefits of launching a digital currency.

Regarding global data, the Triplea report revealed that Ukraine -which has 5,565,881 of its inhabitants in possession of cryptocurrencies-, is the country with the largest crypto hoarding worldwide, with 12.73% of its population in possession. Of cryptocurrencies. Russia ranks second with 11.91%, Venezuela is third with 10.34%, and Kenya is fourth.

Regarding the general demographics of crypto owners, Triplea found that 79% of the holders are male and 21% are female. Globally, around 58% of cryptocurrency owners are under the age of 34. About 82% have a college degree or higher, while 36% have an annual income of more than $ 100,000.

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