Saudi Gazette report

RIYADH — Saudi citizens are ranked third in the Arab world in terms of those owning cryptocurrencies. There are a total of 453,000 Saudis who own this type of digital currency, according to a report published by TripleA, a company dealing with cryptocurrencies, Al-Madina newspaper reported.

Egypt ranked first in the Arab world with the largest number of cryptocurrency owners. There are about 1.8 million Egyptians who own crypto. Morocco ranked second with 878,000 owners.

Among the Muslim countries, Pakistan ranked top with nine million users of cryptocurrencies. The report showed that men constitute around 71 percent of the total dealers of cryptocurrency globally, while the percentage of women is 21 percent. The percentage of users under 34 years of age is 58%, the report pointed out.

A cryptocurrency is a tradable digital asset or digital form of money, built on blockchain technology that only exists online. It is a form of payment that can circulate without the need for a central monetary authority such as a government or bank.