Morocco made it to Chainalysis 2022 Global Crypto Adoption Index by landing the 14 spots despite the country’s ban on Bitcoin and other cryptocurrencies.
The ranking doesn’t operate based on a country’s raw cryptocurrency transaction volume; instead, it measures where most people are putting the biggest share of their money into cryptocurrency.
The Index ranked all 146 countries with sufficient data based on five sub-indexes.
It measured the activity of non-professional, individual cryptocurrency users by observing the amount moved in retail transactions.
Besides the overall ranking, the list has the following indexes:
-Overall index score
-Centralized service value received ranking
-Retail centralized service value received ranking
-P2P exchange trade volume ranking
-DeFi value received ranking
Morocco was placed in the 14 place, making it the second African country on the list after Nigeria.
The data revealed that for the second consecutive year, Vietnam is ranked first in cryptocurrency adoption.
Alongside 9 other lower middle-income countries, Morocco made it to the list.
According to a World Bank categorization, Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia are low middle low-income countries.
Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador, are upper-middle-income countries that made it to the list. The two high-income countries on the list are the United States and the United Kingdom.
Chinalysis’ data showed that crypto adoption has leveled up since last year, which indicates that many are investing a significant amount of assets in digital currencies.
The data platform the strong emergence of crypto markets this year despite a slight decline last year.
Chinalysis said that the 20 countries on the list dominate the adoption index, in large part because cryptocurrency provides unique, tangible benefits to people living in unstable economic conditions.
The need to regulate crypto-markets is a pressing matter for governments around the world, with institutions like the World Bank and the International Monetary Fund (IMF) multiplying summits and meetings with different governments around the world to create a clear strategy for the use of cryptocurrencies in the future.
Morocco is moving towards licensing the trading platforms within the framework of the law.
The country was ranked 24th in cryptocurrency trade globally and now 14 in crypto adoption, despite virtual transactions being formally prohibited, which is why the Moroccan government had taken the decision to act on this matter and make these platforms safer for its users.
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