In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco takes lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey places the MENA region. The 2023 report states that global adoption is down, but not in one crucial subset of the world.
More specifically, there’s one crucial segment of countries where grassroots adoption has seen a much stronger recovery than anywhere else: Lower middle income (LMI) countries.
The full report will be out in October, but compared to 2022, the countries on the top 20 list are still almost the same. In 2022 Turkey, Egypt and Morocco led not only in MENA region but globally. All three countries were in the top thirty list of countries with most crypto savings, usage of crypto for remittance payments and permissive crypto regulations.
As for Sub Saharan Africa, the adoption of Bitcoin is the highest in the world with 9% growth rate. Nigeria was one of only six countries in the world whose transaction volume grew year-over-year. The use of homegrown Sub-Saharan Africa-based exchanges continues to outpace global exchanges.