⚖️ Nigerian Files Lawsuit to Overturn Crypto Ban, Seeks BTC Commodity Status ⚖️
- Crypto Advocate James Utudor:
- Filed a landmark lawsuit against the Nigerian government on Aug. 9.
- Challenging restrictions on owning, using, and trading digital assets like Bitcoin (BTC) and stablecoins.
- Defendants: Nigerian Presidency, Finance Minister, Attorney General, Central Bank, SEC, EFCC, Nigerian Police Force, NITDA, NCC.
- Key Claims:
- Fundamental Rights Violation: Restrictions infringe on Nigerians' rights to own and trade digital assets.
- Impact on Residents: Denying access to crypto hinders Nigerians from using essential tools to hedge against inflation and facilitate international transactions.
- Government's Stance:
- Authorities implemented restrictions in early 2024 to curb crypto trade.
- Accused global exchanges, including Binance, of enabling activities that contribute to the naira's depreciation and tax evasion.
- Lawsuit Goals:
- Lift Crypto Ban: Ensure unrestricted access to cryptocurrency exchanges for all Nigerians.
- BTC as a Commodity: Seeks court recognition of Bitcoin (BTC) as a commodity, affirming the rights of BTC and USDT holders.
💬 What’s your take on this legal challenge? Will it succeed in overturning Nigeria's crypto ban? Share your thoughts in the comments!
