Middle East Crypto Adoption Outstripping Rest of World – Report

Cryptocurrency adoption in the Middle East and North Africa (MENA) has made it the fastest growing region over the past year, according to a report.

Between July 2021 and June 2022, users in MENA-based countries received $566 billion in cryptocurrency, a figure nearly 50% higher than the year prior, blockchain data platform Chainalysis reported.

Turkey and Egypt the fastest growing markets

The report highlighted a pair of markets that demonstrated the prevailing use of cryptocurrencies in the region, to preserve value in the face of debasing currencies and to make remittance payments.

While cryptocurrency values have fluctuated dramatically over the last year, the currencies of Turkey and Egypt have devalued dramatically, with the Turkish lira experiencing 80.5% inflation over the past year, and the