Nigerian cryptocurrency advocate and politician James Otudor has garnered backing from the local crypto community as he navigates a legal challenge aimed at affirming the rights to possess, utilize, and trade Bitcoin, Tether, and other cryptocurrencies in Nigeria.
In a conversation with Cointelegraph, Otudor expressed gratitude for the overwhelming moral support he has received, though he stated that his team is not prepared to accept any financial contributions until transparent systems are established. This approach is intended to safeguard against potential misinformation campaigns from opponents that could jeopardize their mission.
**Court Session and Government Misunderstanding**
The court session held on August 9 primarily served as an introduction to Otudor’s case. He emphasized that the Nigerian government’s lack of clarity regarding crypto assets and blockchain technology played a significant role in motivating the lawsuit. Otudor pointed out a prevalent misconception among Nigerians that Bitcoin (BTC) is prohibited and that the government is opposed to it. This misunderstanding is so widespread that many radio stations refrain from discussing Bitcoin due to fears of repercussions from the National Broadcasting Commission (NBC).
**Challenging Misconceptions**
Otudor took a stand against the belief that cryptocurrencies are mainly utilized for illegal activities. He argued that fraud involving the national fiat currency is far more prevalent than that associated with cryptocurrencies. “The level of fraud using the national currency is significantly higher than what we’ve seen with cryptocurrency,” Otudor stated, refuting a common argument against embracing digital assets.
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While Otudor welcomes sensible regulations, he stressed the necessity for a comprehensive understanding of the diverse asset classes within the crypto sector. He calls for a regulatory framework that not only ensures security and compliance but also fosters the growth of local industry players. Otudor commented:
**Broader Implications**
This legal action comes at a time when the Nigerian government is adopting an increasingly hostile approach towards cryptocurrencies. The Central Bank of Nigeria (CBN) has implemented various restrictions on cryptocurrency transactions, creating obstacles for crypto enthusiasts and businesses alike. Otudor’s lawsuit aims to overturn these restrictions and safeguard Nigerians’ rights to freely interact with digital assets.
The suit demands an immediate lifting of restrictions on all cryptocurrency exchange platforms and seeks a declaration guaranteeing the rights of holders of Bitcoin (BTC), Tether (USDT), and other cryptocurrencies.
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