Popularities of cryptocurrency in Middle East and Africa

Cryptocurrencies have gained significant popularity in the Middle East and Africa (MEA) due to various economic challenges, including currency devaluation and financial exclusion. In regions experiencing political instability and economic decline, such as Afghanistan and Venezuela, cryptocurrencies like Bitcoin and Ethereum offer a means of asset protection against collapsing currencies. For many individuals, particularly in Africa where financial exclusion remains high, cryptocurrencies provide access to essential services like payments and remittances. For instance, Kenyan farmers are utilizing local cryptocurrencies to conduct transactions, demonstrating how digital currencies can empower those previously marginalized from traditional banking systems.

Furthermore, the use of cryptocurrencies in MEA often stems from necessity rather than leisure, contrasting with trends in the West where they are frequently viewed as investment opportunities. Business owners in Lebanon rely on cryptocurrencies to procure supplies due to the severe devaluation of the Lebanese Lira, while others in the region face similar challenges. As governments grapple with how to regulate the crypto industry—ranging from taxation to outright bans—there is a growing recognition of the potential benefits cryptocurrencies offer in facilitating economic resilience and financial inclusion. Despite the hurdles posed by their decentralized and anonymous nature, cryptocurrencies have sparked a digital transformation across the region, promising hope for many who rely on them for their financial stability.