Morocco ranked 13 among 20 countries that highly use cryptocurrencies and Bitcoin, as 4.90% of the Moroccan population owned crypto in 2022, according to the finance website Insider Monkey.
The website said that Morocco has a Crypto Adoption of 14 as of 2022, adding that the country has a long way to go in terms of implementing crypto-friendly rules and embracing it as a mainstream means of payment by both the government and the general poulation.
Morocco’s ownership of cryptocurrencies outranked Colombia (4.81%), Nepal (4.43%), Germany (4.19%), and China (4.08%).
The website said that Bitcoin’s value climbed to $31,000 in July but lowered slightly to $25,956 on September 13. Experts expect a recovery soon.
The report outlined several factors that were affecting the price of Bitcoin and other cryptocurrencies. It claimed that Bitcoin seems to be under the same inflationary pressures that forced the US Federal Reserve to raise interest rates. The website also pointed out that the Indian government said that all transactions of digital assets would be regulated by the Prevention of Money Laundering Act (PMLA).
The United States has the highest number of cryptocurrency owners. However, this does not exempt the American market from the fury of currency uncertainty and volatility. It was reported that the Biden administration has implemented new crypto regulations.
According to the new tax reporting rules, crypto brokers must report sales and exchanges of all digital assets to the Internal Revenue Service (IRS).
The website determines the ranking of crypto usage by the total population from the World Bank, the percentage of the total population that owns cryptocurrencies by Triple A, and the crypto adoption index by Chainanalysis, which considers various aspects like retail value, centralized exchange value, and trade volume.