Nigerian Activist Gains Support in Fight for Right to Use Cryptocurrency
Date: 2024-08-12 Author: Gabriel Deangelo Categories: IN WORLD
Nigerian activist James Otudor, a prominent politician and cryptocurrency advocate, has gained support from the crypto community in his country in his case to recognize the right to own, use, and trade digital assets like Bitcoin, Tether, and other cryptocurrencies.
Otudor told Cointelegraph that while the moral support for his efforts has been significant, his team is not yet ready to accept financial donations. Before that happens, they want to develop transparent systems to avoid possible attacks from opponents who could use financial donations as an excuse to discredit his case.
The Trial and the Government’s Response
The court hearing on August 9 was largely an introductory stage of the case. Otudor noted that the main motivation for filing the lawsuit was the Nigerian government’s lack of understanding of crypto assets and blockchain technology.
He stressed that there is a widespread misconception among the people in the country that Bitcoin is illegal in Nigeria and that the government is against cryptocurrencies. This belief is so ingrained that even radio stations avoid mentioning Bitcoin for fear of sanctions from the National Broadcasting Commission (NBC).
Overcoming Misconceptions
Otudor also debunked the popular belief that cryptocurrencies are primarily used for illegal activities. He pointed out that the number of frauds involving the country’s fiat currency far outnumbers the number of cases involving cryptocurrency. According to him, this shows that the arguments against the adoption of digital assets are unfounded.
While Otudor supports the idea of adequate regulation for the crypto market, he stresses the need for a better understanding of the different asset classes within the crypto ecosystem. He advocates for a regulatory framework that will not only ensure safety and compliance, but also promote the growth of local companies. As Otudor noted:
"Regulation development must be expedited and it must promote the growth of local market participants."
The lawsuit’s broader implications
The lawsuit comes amid an increasingly hostile stance by the Nigerian government towards cryptocurrencies. The Central Bank of Nigeria (CBN) has imposed a number of restrictions on cryptocurrency transactions, creating a difficult environment for crypto enthusiasts and businesses. Otudora’s lawsuit seeks to overturn these restrictions and protect the right of Nigerians to freely use digital assets.
The lawsuit also demands the immediate lifting of restrictions on cryptocurrency platforms and the official recognition of the rights of Bitcoin, Tether and other cryptocurrency owners.
