An increasing number of individuals, businesses, and even countries around the world are turning to Cryptocurrencies for a range of investments and transactional and operational purposes.
Some of the factors that make many parties turn to cryptocurrency are its ability to be considered more efficient, including low transaction fees due to the absence of intermediaries involved, easy real-time, secure, and faster money transfers that respect the nature of decentralization and user autonomy.
Although there are Islamic countries that declare cryptocurrency as haram, such as Indonesia, some of them are not affected by this. It can be seen from a large number of citizens of Muslim countries who own cryptocurrency. One of the Muslim countries that have switched and have a fairly large cryptocurrency value in Pakistan.
Pakistan is even the first largest Muslim cryptocurrency owner country with nine million cryptocurrency users. The Atlantic Council South Asia Center discussion held on December 13, 2021, stated that Pakistan experienced a significant rise in cryptocurrency investment during the pandemic, with a total market capitalization exceeding $2 trillion last year.
According to data compiled by a report by the Federation of Pakistan Chambers of Commerce and Industry, Pakistan’s main trade regulatory body, it is known that the country recorded a crypto value of $20 billion in the 2020-2021 fiscal year, which is an unusual increase of 711%.
On the other hand, a report published by TripleA, a company dealing with cryptocurrencies, ranks Egypt first in terms of owning cryptocurrencies in the Arab world. Around 1.8 million Egyptians are recorded to own crypto. Followed by Marocco in second place with 878.00 owners.
While in third place is occupied by citizens of Saudi Arabia, with a total of 453,000 Saudis owning this type of digital currency.
The report reveals that around 71% of the total cryptocurrency dealers globally are men, while the percentage of women is only approximately 21%. And the percentage of users under 34 years is 58%.