- August 10, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
A Nigerian pro-Bitcoin politician and activist revealed he filed a lawsuit against several Nigerian authorities for the restrictions on ownership, use, and trade of BTC, USDT, and other cryptocurrencies in the country. The lawsuit comes after the Nigerian government’s stringent measures to try to control the crypto industry.
Pro-Bitcoin Politician Fights For Crypto Investors’ Rights
Nigerian politician, educator, and Bitcoin advocate James Otudor shared the details of the lawsuit he filed against key government entities in the country. The lawsuit, filed in July, is set to challenge the recently imposed restrictions on the industry and advocate for the rights of Nigerian crypto investors.
Per the post, the Bitcoin advocate believes those who desire to invest or already own and use cryptocurrencies are “being unfairly targeted.” As a result, Otudor argues that the rights of Nigerian citizens have been violated “as guaranteed by Chapter 4 of the Constitution of the Federal Republic of Nigeria 1999.”
The lawsuit targets the President of Nigeria, the Minister of Finance, The Attorney General of the Federation, the Central Bank of Nigeria (CBN), the Economic and Financial Crime Commission (EFCC), the Securities and Exchange Commission (SEC), the National Information Technology Development Agency (NITDA), the Nigerian Police Force, and the Nigerian Communication Commission (NCC).
Maurice Eban, Otudor’s legal representative, asserted that the constitutional right to acquire and own property in the country extends to Bitcoin and other cryptocurrencies as they are globally recognized valuable assets:
Bitcoin and USDT are globally recognized as valuable assets that protect holders from inflation and serve as a medium of exchange. Section 43 of the 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.
A “Peaceful Protest” To Protect The Sector
The landmark lawsuit challenges the government’s restrictions, including telecom companies’ blockage of crypto trading platforms. According to the Plaintiff, these restrictions violate Article 14 of the African Charter on Human and People Rights.
Otudor contends that the “ongoing targeting” of Nigerian crypto investors is a “clear violation of their fundamental human rights.” The plaintiff emphasized that Bitcoin and all digital assets are vital tools to protect investors from inflation and facilitate international transactions.
The lawsuit highlighted its goal to safeguard these fundamental human rights, “particularly in light of naira devaluation and foreign exchange shortages.” The legal action seeks a declaration that guarantees the protection of Bitcoin users’ rights by the law.
Additionally, the plaintiff demanded unrestricted access for all Nigerians to online crypto exchange platforms, and a declaration stating that the “infringement, victimization, and human rights violations of those who own, use and trade Bitcoin, USDT, and other crypto in Nigerian is unlawful, unconstitutional, and illegal.”
Lastly, Otudor requested the establishment of crypto assets within the Nigerian financial ecosystem, “recognizing their distinct categories and regulating Bitcoin as a commodity.”
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.
