Summary:
Nigerian activist James Utudor files a landmark lawsuit against government restrictions on digital assets.
The lawsuit aims to remove the blockade on cryptocurrency exchanges for all Nigerians.
Bitcoin and digital assets are deemed essential for inflation protection and international transactions.
Utudor seeks a court declaration to classify BTC as a commodity.
Nigerian Activist Sues to Lift Crypto Ban
A Nigerian bitcoin proponent has launched a landmark lawsuit challenging government restrictions on the ownership, use, and trading of digital assets. The lawsuit aims to remove the blockade on cryptocurrency exchanges, ensuring that all Nigerians have unrestricted access.
Crypto Restrictions Deny Residents Access to Inflation Hedging Tools
James Utudor, a cryptocurrency advocate, filed the lawsuit against the Nigerian presidency, finance minister, and attorney general, asserting that these restrictions infringe on the fundamental rights of digital asset holders. Since early 2024, Nigerian authorities have imposed measures to curb cryptocurrency trade, targeting popular exchanges like Binance.
Officials argue that these exchanges have facilitated activities contributing to the devaluation of the local currency and have failed to pay taxes despite Nigeriaâs significant contribution to their revenue.
Proponent Wants BTC Declared Commodity
Utudorâs lawsuit emphasizes that digital assets like Bitcoin are essential tools for protecting savings from inflation and facilitating international transactions, especially amid naira devaluation and foreign exchange shortages. The lawsuit seeks a court declaration that recognizes Bitcoin and USDT holders' rights and classifies BTC as a commodity.
The lawsuit also names several defendants, including the Central Bank of Nigeria, the Securities and Exchange Commission, and the Economic and Financial Crimes Commission.
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