A Chainanlysis report revealed that the number of transactions in digital currencies nearly tripled in Saudi Arabia between July 2021 and June 2022, Al Arabiya reports.

During this period, more than $50 million worth of payments were made in cryptocurrency payments in the Kingdom, according to the platform that provides data on blockchain – the technology used to process and record crypto payments.

“Saudi Arabia is a major crypto counterparty, right up there with the UAE in terms of excitement around investment in cryptocurrency,” Kim Grauer one of the researchers who headed the report told Al Arabiya English.