Global Crypto Adoption Index: Despite legal prohibitions, Morocco ranks in the Top 20

The American market analysis company Chainalysis has just published its 2022 Global Crypto Adoption Index rankings. This is the third year in a row that the company has published this list in which Morocco is in the 14th position. The ranking consists of five indexes, each based on the use of different types of crypto services.

A total of 146 countries are ranked. These five indices include, among others, the centralized service value received, the retail centralized service value received, and the volume of peer-to-peer (p2p) exchange transactions. The closer the country’s final score is to 1, the higher the ranking.

Global cryptocurrency adoption hit its current all-time high in the second quarter of 2021, Chainalysis writes. “Since then, adoption has moved in waves – it dropped in Q3, which saw crypto prices drop –, rebounded in Q4 when we saw prices rebound to new all-time highs, and fell in each of the last two quarters as we entered a bear market.”

Nonetheless, it’s important to note that global adoption remains well above pre-2019 bull market levels. continue to invest a significant portion of their assets in digital assets. “This is also consistent with our previous research showing that cryptocurrency markets have been surprisingly resilient during recent declines,” the newly released report states.

Large, long-term cryptocurrency holders have continued to hold the bear market, and so although their wallets have lost value, those losses are not yet locked in as they have not sold off – on-chain data suggests that these holders are optimistic, the market will rebound, “which will keep the fundamentals of the market relatively healthy”, underlines the same source.

Morocco, 14th in the world

The Chainalysis report notes that emerging markets dominate the Global Crypto Adoption Index. These include, among others, Morocco, which is one of the 20 best-ranked countries in the world. With a score of 0.505, the Kingdom is in 14th place, distancing its North African neighbors: Egypt (24th), Algeria (45th) and Libya (131st).

Globally, the top two spots on the list are occupied by Vietnam and the Philippines, two countries in Southeast Asia. Third place is taken by Ukraine, which stood out as a procrypto country in several respects.

Among other things, Ukraine has benefited from accepting cryptocurrency donations to help its defense efforts against Russia in the ongoing war. Users in lower- and upper-middle-income countries often rely on cryptocurrency to send remittances, preserve their savings in times of fiat currency volatility, and meet other financial needs unique to their economies, the report said.

These countries also tend to rely more on Bitcoin and stablecoins than other countries, adds the same source. Over the next few years, analysts at Chainalysis believe it will be interesting to see what solutions the cryptocurrency industry can create to increase adoption in high and low income countries.

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Global Crypto Adoption Index: Despite legal prohibitions, Morocco ranks in the Top 20

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