Although many countries around the world, including Morocco, work on issuing different types of restricting measures against the crypto trading market, the interest of it continues to grow rapidly in different parts of the world.
Recently, new data was published which suggests that Morocco, even though it had announced different types of regulations of the crypto industry, has seen a massive surge of crypto trading - specifically in peer-to-peer trading.
The peer-to-peer trading volume of the market in this North African nation has surged as much as $6 million. This has supported the country in becoming one of the top four African nations in terms of peer-to-peer trading. The data about this measure was published by the crypto payments company called Triplea.
According to the data from the company, only three other nations in Africa have managed to post better results than Morocco, they were Nigeria, South Africa, and Kenya. As for the North African region, Morocco is a leader. According to the data published by Triplea, 2.4 percent of the country's population owned cryptocurrencies in 2021.
This means that over 878,000 people owned crypto assets in Morocco in 2021. When it comes to the proportions of people owning crypto assets, only four other African countries have managed to surpass the numbers of Morocco. They are Kenya, with 8.52 percent, South Africa, with 7.11 percent, Nigeria, with 6.31 percent, and Ghana with 3.01 percent.
Massive Interest in Crypto
A very significant thing about Morocco is that the population of the country continues to show a massive interest in the crypto trading market, although the country has decided to take very strict regulations when it comes to the crypto industry.
The crypto regulations first started to affect the trading markets of Morocco back in 2017 and since then, it has been updated several times. While the country has decided to be strict when it comes to the crypto trading market, the people of Morocco still continue to be very much interested in the crypto industry.
Over the years, according to the report, the trading volumes have been increasing steadily, reaching as much as 2.18 million Moroccan Dirham, which is the national currency of the country.
In addition to all of this, the central bank of the country, the Bank-AI-Maghrib, BAM, announced that it would further explore the benefits of launching a digital currency in the near future.
While Morocco has issued numerous warnings against the cryptocurrency trading market, the interest of the country’s population has not decreased in the market whatsoever. Rather than that, the interest of individuals in the country has increased dramatically.
Peer-to-peer crypto trading is the process of the direct exchange and sharing of assets between two parties. This happens without the involvement of any central authorities. This is a process of interactions that is fully decentralized and happens among two individuals or groups of individuals.
This is one of the most massively used methods in the virtual currency trading market, especially in jurisdictions where the currency trading laws are not so friendly.
The cryptocurrency peer-to-peer transactions have grown around the world, especially in African countries. In the majority of cases, this method is popular in countries where the population does not have access to other trading methods of cryptocurrencies.
Crypto Trading & Its Popularity in Africa
The past few years have been very important for the development of the cryptocurrency trading market around the world, especially in the countries of Africa. Despite the high volatility of cryptocurrencies, there are many reasons behind such a huge popularity of the crypto market in the African nations.
One of the main reasons is the fact that many of the African countries have experienced massive inflation rates, which has affected the way people live their lives. Many of the African nations have lost their trust towards fiat currencies and they have been for long looking for different ways to store their wealth and money.
In such a situation, for many Africans, cryptocurrencies are the best option available. Another very important reason for the huge popularity of crypto assets in Africa is the fact that many of the Africans are living and working abroad and for them, sending money back to their homes is usually associated with huge fees and commissions.
In terms of cryptocurrencies, transactions are much lower, which allows individuals to send funds to their homes in an easier way.
Another very important reason why the cryptocurrency market continues to grow so rapidly in African countries is the fact that there are more crypto exchanges available than ever before. The best part of this is that getting started with P2P crypto exchanges is very easy and does not take more than a few minutes for traders.
This way, not only Africans are able to preserve their wealth, but also make additional profits from the cryptocurrency industry. As the popularity of cryptocurrencies continues to grow around the world, more and more companies are being established to respond to the growing demand.