Nigerian Lawyer Challenges Government’s Crypto Restrictions in Court

Nigerian attorney James Yutudor has initiated a legal battle against the government over its stringent cryptocurrency regulations.

His lawsuit, which names high-profile officials including the president, finance minister, and attorney general, as well as key institutions such as the Central Bank of Nigeria and the Securities and Exchange Commission, challenges the government’s decision to restrict access to crypto exchanges.

Yutudor argues that these restrictions infringe upon fundamental rights, including the freedom to own, acquire, and trade cryptocurrencies like Bitcoin.

READ MORE:

Analyst Predicts Bitcoin to Exit Bear Trap and Surge Toward $72,000

Supporting Yutudor, his lawyer Maurice Ebam highlights the significant role that digital currencies play in combating inflation and facilitating international transactions. Ebam points out that Section 43 of Nigeria’s Constitution, which protects property rights, should also apply to digital assets given their growing importance in today’s economy.

Additionally, the lawsuit references Article 14 of the African Charter on Human Rights, which guarantees property rights, asserting that the government’s directive to block crypto platforms through telecommunications companies is an overreach that unfairly restricts Nigerians’ financial freedoms.

Yutudor views this lawsuit as a crucial step towards safeguarding financial freedom and inclusion. He insists that protecting the rights of Nigerians to engage with digital currencies is vital in a nation that prides itself on human rights.

This case underscores the broader issue of balancing regulatory measures with individual freedoms in the rapidly evolving landscape of digital finance.

Alexander Stefanov