Africa is undergoing an economic revolution that has nothing to do with banks and despite little sign of outdated economic policies being overhauled.
Monthly cryptocurrency transfers to and from Africa under $10,000 (€8,500) shot up by 55% over the past year, reaching a peak of $316 million in June.
These numbers, which are based on data from US Blockchain research firm Chainalysis, are likely to keep rising. And while cryptocurrency is more commonly used by financial traders in other parts of the world, Africa is bucking this trend and mainly using it for commerce.
Individuals and small businesses in Nigeria, South Africa and Kenya account for most of this activity.
What is a cryptocurrency?
Simply put, a cryptocurrency is virtual money that people can use just like real money to buy things or send to other people. The 'crypto' in crytocurrency comes from the complicated cryptography (encrypted codes) used to create it and record transactions.
Crytocurrencies aim to cut out the middlemen, such as credit card companies or banks, making it cheaper to transfer money from one virtual wallet to another. Cryptocurrencies also aren't controlled by any central authority, which theoretically protects them from any interference by governments.
Read more: A new legitimate era for Bitcoin
"For most people, when they hear cryptocurrency, they think it's just money on the internet," Elisha Owusu Akyaw, a Ghanaian-based cryptocurrency marketer and founder of BlockNewsAfrica, told DW.