As a Nigerian crypto investor with years of experience navigating the complex and often challenging landscape of digital assets in my home country, I find myself deeply moved by the courageous actions of James Otudor, a fellow pro-Bitcoin politician and activist. His recent lawsuit against several Nigerian authorities for the restrictions on ownership, use, and trade of cryptocurrencies is a beacon of hope for us all.
A prominent political figure and Bitcoin advocate from Nigeria disclosed that he has initiated a legal action against multiple Nigerian officials due to the limitations imposed on holding, transacting, and trading Bitcoin, Tether (USDT), and other digital currencies within the nation. This move follows the Nigerian government’s tight regulations aimed at managing the cryptocurrency sector.
Pro-Bitcoin Politician Fights For Crypto Investors’ Rights
James Otudora, a Nigerian politician, educator, and Bitcoin proponent, disclosed information about the legal action he initiated against several government bodies within the country. This lawsuit, submitted in July, aims to contest the recently enacted regulations affecting the industry and defend the interests of Nigerian cryptocurrency investors.
The Bitcoin supporter believes those with cryptocurrencies are being unfairly treated, and Otudor claims this violates the rights of Nigerian citizens as defined by their constitution (Chapter 4, 1999).
The legal action is directed towards the President of Nigeria, the Minister of Finance, the Attorney General of the Federation, the Central Bank, Economic and Financial Crime Commission, Securities and Exchange Commission, National Information Technology Development Agency, Nigerian Police Force, and the Nigerian Communications Commission.
Maurice Eban, speaking on behalf of Otudor, stated that the nation’s right to possess and hold property includes Bitcoin and other digital currencies, as these are universally acknowledged as valuable resources due to their global recognition.
Bitcoin (BTC) and Tether (USDT) are universally acknowledged as valuable resources that shield owners from inflation and function as a means of transaction. Every Nigerian, according to Section 43 of the Constitution, has the right to possess property anywhere within Nigeria. This includes digital assets, which have grown crucial for financial accessibility and economic balance, given their significant role in modern economies.
A “Peaceful Protest” To Protect The Sector
The key legal action contests the government’s limitations, such as the prohibition for telecom firms to impede cryptocurrency trading sites. As stated by the claimant, these constraints infringe upon Article 14 of the African Charter regarding Human and Peoples’ Rights.
In his argument, Otudor asserts that continuously singling out Nigerian cryptocurrency users represents a blatant infringement on their basic human rights. He underscores the significance of Bitcoin and other digital currencies in shielding investors from inflation and streamlining global transactions.
As someone who has struggled to access essential goods and services due to currency devaluation and foreign exchange shortages in the past, I wholeheartedly support the lawsuit that aims to safeguard fundamental human rights, particularly those related to financial transactions. The legal action seeking a declaration that ensures Bitcoin users’ rights are protected by law resonates with me deeply. In times of economic instability, alternative means of exchange can offer a glimmer of hope and empower individuals to take control of their financial wellbeing. This is why I believe it’s crucial for the law to recognize and support the use of cryptocurrencies like Bitcoin, ensuring their users’ rights are protected and fostering financial inclusion for all.
Furthermore, the plaintiff requested unrestricted access for all Nigerians to digital cryptocurrency exchange platforms. Moreover, they sought a declaration stating that any infringement, victimization, or human rights violations against those who possess, utilize, and trade Bitcoin, USDT, and other cryptocurrencies in Nigeria is unlawful, unconstitutional, and illegal.
Ultimately, Otudor advocated for integrating cryptocurrencies into Nigeria’s monetary infrastructure, acknowledging their unique classifications and treating Bitcoin as a tradeable asset.
The politician and activist closed his statement by calling the action a “peaceful protest” to ensure that the rights of crypto users and holders are protected and guaranteed. The outcome of the legal battle could have significant implications and shape the future of the country’s challenging crypto landscape.
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2024-08-10 13:12