Morocco Sees Youth-Driven Surge in Cryptocurrency Use

Rising Crypto Wave: 21% of Moroccan Youth Embrace Digital Currencies Amidst Surging National Adoption

In 2021, Morocco was ranked 24th worldwide in terms of cryptocurrency use. The Global Cryptocurrency Adoption Index, compiled by Chainalysis, a platform that provides data on blockchain technology, which is the underlying technology for cryptocurrency, was mentioned in the context.

In a study conducted in 2021 by Triple A, a trading volume of bitcoin up to six million US dollars was recorded in Morocco, the highest in North Africa. Morocco thus ranked fourth in Africa behind Nigeria, South Africa, and Kenya in terms of bitcoin exchange volumes.

Further details indicate that the latest update from Coin.dance, a specialized bitcoin statistics portal, showed that the weekly trading volume of bitcoins had increased to 1,143,660 Moroccan Dirhams (DH) as of May 14, 2022.

Badr Bellaj, the director of new technologies at Mchain, a company developing blockchain technology in Morocco and Africa, estimated that the real volume of these exchanges could be double, if not triple, the amount reported.

Regarding the adoption of cryptocurrencies among young people, the article notes that in a sample of 10,000 individuals, 21% were found to be cryptocurrency holders. This information comes from a survey conducted by Mchain, the results of which were revealed exclusively by Médias24; the sample was representative of the Moroccan population aged 18 and above.

The survey also found that 63.36% of the respondents were aware of cryptocurrencies, with 8.32% at least having heard of digital currency. This suggests a significant level of awareness and engagement with cryptocurrencies among young Moroccans.