Since its peak in November 2021, the ALGO cryptocurrency’s stream has been steadily declining. The all-time high of $3 was reached on November 18. However, it appears that Algorand’s situation might improve with its new partnership with the Nigerian Government.

Algorand has entered a three-year agreement with the Nigerian Government to develop a cryptocurrency through a partnership with Koinbanx and Developing Africa Group.

The Developing Africa Group has the ability to create and trade IP rights in their own wallets and Nigerians can then add all types of IP rights for sale using blockchain technology.

Adoption of crypto in Latin America and Africa has increased and this is why Koinbanx, Developing Africa Group, and Algorand have collaborated at such a time.

Today’s Governments need to be different and work towards clear legislation to protect their citizens. This extra-legal protection will reap financial benefits in the future by reducing corruption and encouraging investment. This is why the partnership was established after receiving support from the Nigerian Government.

However, it is also important to note that the Central Bank of Nigeria still emphasizes its stand on restricting the buying and selling of cryptocurrencies.