Nigerian Bitcoin advocate James Otudor has filed authorized actions in opposition to the African nation government’s restrictions on the possession, use, and commerce of Bitcoin, Tether (USDT), and different cryptocurrencies, in line with an Aug. 9 statement.
Otudor acknowledged:
“This legal action represents a peaceful protest for freedom and financial inclusion. As a nation founded on human rights, it is our responsibility to ensure that the rights of Bitcoin, USDT, and other digital asset users and holders are protected and guaranteed.”
This lawsuit arises amid Nigeria’s more and more stringent crypto laws. Main crypto buying and selling platforms like OKX have exited the market, and the Nigerian naira has been faraway from crypto exchanges working inside the nation.
The lawsuit targets a number of high-profile government officers and regulatory our bodies, together with Nigeria’s president, the finance minister, the legal professional basic, the Central Financial institution of Nigeria (CBN), and the Nigerian Securities and Alternate Fee (SEC).
Moreover, the Financial and Monetary Crimes Fee (EFCC), the Nigerian Police Pressure, the Nationwide Info Know-how Improvement Company (NITDA), and the Nigerian Communications Fee (NCC) had been additionally tagged as defendants in the authorized motion.
The lawsuit
In accordance with Otudor’s assertion, the Nigerian government has violated residents’ basic human rights by unfairly focusing on people who want to purchase, use, or commerce digital belongings.
Maurice Oru Ebam, the lawyer representing Otudor, acknowledged:
“Section 43 of the [Nigerian] Constitution guarantees every Nigerian the right to acquire and own property anywhere in Nigeria. This right extends to digital assets, which have become essential for financial inclusion and economic stability.”
The lawsuit additionally contends that the government’s actions, corresponding to forcing telecom corporations to dam entry to crypto platforms, violate Article 14 of the African Constitution on Human and Peoples’ Rights. This text ensures property rights, which may solely be restricted to public wants or neighborhood welfare.
Otudor emphasised the significance of Bitcoin and different digital belongings in defending financial savings from inflation and facilitating worldwide transactions, particularly given the naira’s devaluation and overseas trade shortages.
Crypto regulation calls for
Otudor desires the court docket to right away finish the blockage on all crypto trade platforms, demanding unrestricted entry for Nigerians.
He additionally known as for a declaration that the infringement on the rights of Bitcoin, USDT, and different digital belongings customers in Nigeria was illegal and unconstitutional.
Moreover, Otudor seeks the institution of pro-crypto laws that acknowledge Bitcoin and regulate the flagship digital asset as a commodity inside Nigeria’s monetary system.
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