Nigerian crypto activist and politician, James Otudor, has garnered support from the local cryptocurrency community in his legal battle to secure the right to own, use, and trade Bitcoin, Tether, and other cryptocurrencies in Nigeria. While expressing gratitude for the overwhelming moral support, Otudor revealed that his team is currently not accepting financial contributions until transparent systems are in place to prevent potential propaganda from adversaries that could undermine their cause.
The court session on August 9th primarily served as an introduction to the case. Otudor emphasized that the Nigerian government’s confusion regarding crypto assets and blockchain technology has been a significant motivating factor behind the lawsuit. He pointed out a widespread misconception among Nigerians that Bitcoin (BTC) is banned and that the government is against it. This belief is so pervasive that even radio stations avoid mentioning Bitcoin due to fear of sanctions from the National Broadcasting Commission (NBC).
Otudor challenged the notion that crypto assets are primarily used for illicit activities, arguing that fraud involving the nation’s fiat currency far outweighs cryptocurrency-related incidents. He asserted that there is a higher incidence of fraud using the nation’s fiat currency compared to cryptocurrency, countering a common argument against adopting digital assets.
While Otudor is open to proper regulations, he emphasized the need for a deeper understanding of the different asset classes within the crypto space. He advocates for a regulatory framework that ensures security, compliance, and promotes the growth of local industry players.
This lawsuit comes at a time when the Nigerian government has taken an increasingly hostile stance towards cryptocurrencies. The Central Bank of Nigeria (CBN) has imposed various restrictions on cryptocurrency transactions, creating a challenging environment for crypto enthusiasts and businesses. Otudor’s lawsuit aims to reverse these restrictions and protect Nigerians’ rights to freely engage with digital assets.
The lawsuit also demands an immediate reversal of restrictions on all crypto exchange platforms and calls for a declaration that the rights of Bitcoin (BTC), Tether (USDT), and other cryptocurrency holders be protected and guaranteed.