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Egypt and Morocco emerged among the top African countries that are interested in cryptocurrencies and digital assets despite the crypto ban imposed in these two countries, according to a new report by Coingecko.



Morocco and Egypt came in third and fifth places, respectively, among the top 15 African countries that represent a majority 97.5% of <a href="https://upyo.com/en/news/crypto" target="_blank" rel="noreferrer noopener">crypto</a> interest in the continent this year from January 1 till July 4.



According to the report, South Africa was the top country that showed the highest level of crypto interest in Africa in 2023 so far. It represents 66.8% of crypto interest in the continent year to date (YTD), which is almost eight times the next most interested African country.



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Egypt and Morocco, in addition to South Africa, Ghana, and Côte d’Ivoire, represent 23.8% of the continent’s interest in crypto YTD as they rank from second to sixth places among African countries most interested in crypto this year.



Only 41 out of the 54 African countries have recorded any interest in crypto this year, while 13 countries currently have no share at all in crypto interest across Africa, Coingecko pointed out.



As for the regions in Africa, West Africa was the most interested region in the continent in crypto with a percentage of 74.7%, followed by Northern Africa (10.0%), Southern Africa (9.6%), East Africa (3.8%) and Central Africa (1.9%).



Regarding the most popular cryptocurrencies in African countries, Peepo (PEEPO), Liquity (LQTY), and Conflux (CFX) were the most popular cryptocurrencies in Nigeria, while Sweatcoin (SWEAT), Arbitrum (ARB) and Pepe (PEPE) are the most popular <a href="https://upyo.com/en/news/tags/egypt-crypto">cryptocurrencies in Egypt</a>.



In Morocco, Dogecoin (DOGE), Ripple (XRP), and Bonk (BONK) were the most popular.



It is worth mentioning that Egypt was also previously identified as the ninth among the world&#8217;s countries most impacted by FTX’s collapse last year.

Africa

Crypto

Egypt, Morocco Among Top Africa’s Countries Most Interested in Crypto

The Central Bank of Egypt (CBE) showed its interest in adopting the central bank digital currency (CBDC), which enjoys financial stability and security rather than cryptocurrencies.



Central Bank Digital Currency (CBDC) is a new form of money that exists only in digital form. Instead of printing money, the central bank issues widely accessible digital coins so that digital transactions and transfers become simple.



In a report, CBE said internal and external working committees from all related ministries and bodies had been formed under the presidency of the central bank to study the adoption of CBDC, <a href="https://arabic.rt.com/business/1422055-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%8A%D8%AF%D8%B1%D8%B3-%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D8%B1%D9%82%D9%85%D9%8A%D8%A9/" target="_blank" rel="noreferrer noopener">Russia Today reported</a>.



In this regard, Banking expert Sahar El Damaty said the CBDCs are secured, through which goods and services are purchased from the internet, adding they use a digital ledger on the Internet, with strong encryption to ensure and protect financial transactions over the Internet.



Damaty lauded the CBE&#8217;s interest in implementing CBDCs, saying it helps to develop the currencies market in Egypt and boost the economic growth rate.



In February 2022, the IMF said around 100 countries are exploring CBDCs at different levels. Some researching, some testing, and a few already distributing CBDC to the public.



CBDCs offer more resilience, safety, greater availability, and lower costs than private forms of digital money.



In September 2022, the CBE issued a warning about cryptocurrencies, cautioning citizens from dealing with any and all types of encrypted virtual currencies. The CBE noted that virtual currencies involve high risks, including remarkable fluctuations in their value and their use in financial crimes and e-piracy.

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