Over the same year, the average number of monthly cryptocurrency transactions in Africa grew by 1,386.7%. Such significant growth is due to a low comparison base. KuCoin estimates that the continent's share of the world in terms of value is still only 2.8%.
Thanks to high inflation and the widespread use of smartphones, Africa's young population, accustomed to digital currencies, actually has the opportunity to become its own bank on its own.
A report from cryptocurrency exchange KuCoin notes that "more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers. Users pay less than 0.01% of the total transaction amount transferred in cryptocurrencies, which is significantly lower than other ways of sending money.
KuCoin's CEO did add a note of caution about the staggering growth rate:
"This growth rate may depend on both the stance of individual officials towards cryptocurrencies. Nevertheless, I believe that a promising future for digital money in Africa is inevitable."
In Central and West Africa, for example, adoption of BTC is growing amid mistrust and discomfort with the local currency, the CFA franc.
African countries also have the highest rate of cryptocurrency adoption in the world, ahead of the US, Europe and Asia.