Originally published on: August 10, 2024
James Otudor, a prominent Nigerian activist and politician, is gaining support from his local cryptocurrency community as he fights to secure the right to own, use, and trade Bitcoin, Tether, and other cryptocurrencies in Nigeria.
In a recent interview with Cointelegraph, Otudor expressed gratitude for the overwhelming moral support he has received. However, he mentioned that his team is holding off on accepting financial contributions until transparent systems are in place to avoid potential propaganda from adversaries.
During a court session on August 9th, Otudor emphasized that the confusion within the Nigerian government regarding crypto assets and blockchain technology was a key motivator for his lawsuit. He debunked the misconception that Bitcoin is banned in Nigeria and that the government is against it, noting that even radio stations shy away from mentioning Bitcoin due to fear of sanctions from the National Broadcasting Commission (NBC).
Otudor also challenged the belief that crypto assets are mainly used for illicit activities, arguing that fraud involving the nation’s fiat currency surpasses cryptocurrency-related incidents. He emphasized the need for proper regulations and a deeper understanding of different asset classes within the crypto space to ensure security and compliance, as well as to support the growth of local industry players.
With the Nigerian government adopting a more hostile stance toward cryptocurrencies, particularly with restrictions imposed by the Central Bank of Nigeria (CBN), Otudor’s lawsuit aims to reverse these restrictions and safeguard Nigerians’ rights to engage with digital assets freely. The lawsuit seeks an immediate reversal of restrictions on all crypto exchange platforms and a declaration of protection for the rights of Bitcoin, Tether, and other cryptocurrency holders.
As Otudor pushes for regulatory reforms and fights for crypto rights in Nigeria, it is clear that the local cryptocurrency community stands firmly behind him in this legal battle. Stay tuned for updates on this groundbreaking case and the impact it may have on the crypto landscape in Nigeria.