Cryptocurrency: Although banned, Moroccans are the top users in Africa

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A study by the Policy Center for the New South (PCNS) found that Morocco have 1.5 million cryptocurrency holders by 2022, or 3.05% of the Moroccan population, despite the fact that cryptocurrency use is banned in Morocco and Nigeria.

In the rest of Africa, the ratio of virtual currency holders to its population is only 1%, so Morocco is recording the highest growth in the continent in terms of the number of cryptocurrency holders. This currency is used mostly by young people between 20 and 30 years old and these users are concentrated in large urban metropolises like Casablanca, according to the same study.

This high rate of usage can be explained by the fact that it is seen as an investment for young Moroccans wishing to improve their financial situation, especially after the restrictions imposed by the E-commerce endowment ceiling.

Jihan Rmili

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