Developing countries are recording high cryptocurrency adoption rates surpassing more advanced economies. Considering that this is the opposite of the realities of most other technologies in these areas, this high uptake is puzzling. With a case study of crypto use for cross-border payments in the Nigerian context, this paper addresses the paucity of empirical research on the phenomena of cryptocurrency adoption and diffusion in developing countries. We put forward a sociotechnical and empirically-grounded innovation translation account of the high rates of crypto transactions in developing countries that overcomes criticisms against extant arguments in the literature.

We take a case study approach and analyse the use of cryptocurrency for cross-border payments. Data collection involved two rounds of interviews with retailers from Nigeria, suppliers from China, informal exchangers, crypto brokers, and mediators. We analysed themes using an approach sensitised by actor-network theory (ANT) constructs. Our methodological approach focuses on ANT’s relational dynamics to examine how human and non-human actors enable cryptocurrency adoption in a developing-country context.

We show evidence to suggest that crypto adoption and diffusion in developing countries occurs through an iterative process of technology transformation and appropriation, a strong coalition of the interests of diverse actors, and a dynamic relationship between the technical elements of crypto and contextual political, economic, social, technological, legal, environmental influences. Findings have implications for crypto-focused companies, development institutions, and policymakers who increasingly show interest in the popularity of cryptocurrencies in developing countries.

This research breaks ground as a sociotechnical and empirically-grounded description of the widespread use of cryptocurrencies in developing countries. The study provides an insightful approach to understanding technology adoption as a relational and context-sensitive process. Insights from the framework might be useful for addressing adoption challenges and designing inclusive financial systems in similar contexts.