Nigerian Bitcoin advocate James Otudor has filed authorized motion towards the African nation's authorities restrictions on the possession, use and buying and selling of Bitcoin, Tether (USDT) and different cryptocurrencies, in accordance with an August 9 assertion.
Otudor said:
βThis authorized motion represents a peaceable protest for freedom and monetary inclusion. As a nation based mostly on human rights, it’s our duty to make sure that the rights of customers and holders of Bitcoin, USDT and different digital belongings are protected and assured.β
The lawsuit comes amid more and more strict crypto laws in Nigeria. Main cryptocurrency buying and selling platforms similar to OKX have exited the market and the Nigerian naira has been faraway from crypto exchanges working within the nation.
The lawsuit targets a number of high-ranking authorities officers and regulators, together with Nigeria's president, finance minister, lawyer basic, the Central Financial institution of Nigeria (CBN) and the Nigerian Securities and Trade Fee (SEC).
As well as, the Financial and Monetary Crimes Fee (EFCC), the Nigerian Police, the Nationwide Info Know-how Growth Company (NITDA) and the Nigerian Communications Fee (NCC) have additionally been named as defendants within the lawsuit.
Litigation
In keeping with Otudor's assertion, the Nigerian authorities has violated the essential human rights of residents by unfairly concentrating on people looking for to amass, use or commerce digital belongings.
Maurice Oru Ebam, a lawyer representing Otudor, mentioned:
βPart 43 of the (Nigerian) Structure ensures each Nigerian the precise to amass and personal property wherever in Nigeria. This proper additionally extends to digital belongings, which have change into important for monetary inclusion and financial stability.β
The lawsuit additionally alleges that the federal government's actions, similar to forcing telecommunications firms to dam entry to crypto platforms, violate Article 14 of the African Constitution on Human and Peoples' Rights. This text ensures property rights that may solely be restricted to public wants or the welfare of society.
Otudor highlighted the significance of Bitcoin and different digital belongings in defending financial savings towards inflation and facilitating worldwide transactions, particularly in view of the devaluation of the naira and absence of international change.
Cryptocurrency Regulation Necessities
Otudor needs the courtroom to instantly finish the blocking of all cryptocurrency platforms and demand unrestricted entry for Nigerians.
He additionally referred to as for a declaration that the violation of the rights of customers of Bitcoin, USDT and different digital belongings in Nigeria was unlawful and unconstitutional.
As well as, Otudor seeks to create pro-crypto regulatory laws that acknowledge Bitcoin and regulate the flagship digital asset as a commodity inside the Nigerian monetary system.
