Topic: [2024-08-11] Nigerian Files Lawsuit to Overturn Crypto Ban, ... (Read 152 times)

Yes, an independent judiciary is critical which is why some of the proposals to term limit the Judges, pack the US Supreme Court and other proposals to put the Judiciary under the control of the democrat party are blatant interference with the rule of law.

They are nothing more than intimidation tactics by the leftists and attempts to do what FDR did prior to the "switch in time that saved nine" when the democrats back in the 1930s also threatened to pack the court and one vote switched to save 9 Justices.  Of course liberty was lost then and has been since when the left wants power by undermining the Constitution.

Bitcoin is our last hope as youths of Nigeria and that is why we are doing the best we can to grow the Bitcoin community in Nigeria so that more youths will join the Bitcoin train.

 I didn't know this. One on hand though I feel that the person who is power like the President is largely responsible for making the judiciary of any nation autonomous. Once the presidency meddle into the affairs of the judiciary or vice versa, that freedom is lost and they become their puppet.

I certainly hope that bitcoin helps the youth of Nigeria!  As far as the US, right now the judiciary is, in general, good, but you have issues.  The responsibility is to protect the law and US Constitution, but many (particularly once they were bullied by the democrat president FDR) have caved and the US has lost much of its freedom over the last century.

For example, one person who is now on the Supreme Court referenced being a "wise Latina" - Sonia Sotomayor.  A racist and sexist comment.  Then now Justice Jackson stated she (perhaps she is a he) said "'I'm not a biologist' when asked what a 'woman' was at SCOTUS confirmation hearing.  Neither of them are competent to be on the US Supreme Court. 

When you have partisan hacks like them, I worry about the US Supreme Court not to mention some of the other Federal judiciary.  :-)

You are correct on what you have read about my country Nigeria. Voting, election, appointment process are done based on on ethnic, religious, and tribal sentiments and the whole country right now is suffering from the consequences.

America has got one thing right though, the judicial system. At least the common man , depend on the justice system as their last hope. So I don't think that they'll end up like my country. In my country the judiciary is as corrupt as can be...if you have no money and influence the case will be in favor of the rich person with a fat pocket.

Bitcoin is the only thing they cannot touch despite everything they have tried to do. It is the last hope of the youths in Nigeria.

From what I've read, voting there is more based on ethnicity and religion vs policies, e.g. tribalism. Of course that is what the left in the US wants: voting based on racist things like skin color vs policies.  Given the fact they want control over money and everything else, they seem very far left extremists - at least in the US terms where the left wants power and control and the right wants people to be able to make their own individual decisions, even if they make bad ones sometimes.

Without a merit based system (e.g. policies that advance one group over another based on skin color for example), the US will end up in a similar place eventually.  A place where tribes fight for spoils and hire people without looking at competence.  That is the goal of the left though: an all powerful central government that controls everyone and everything while its members take a vigorish of the tax dollars to enrich themselves at the expense of everyone else.  It one reason why the democrat party in the US doesn't like bitcoin: it inhibits their ability to collect a highly regressive tax from everyone - inflation.  It doesn't let them shut down payments since it is censorship resistant (e.g. like the left-wing fascists attempted to do to the former president (see PayPal and Stripe).  It makes it much more difficult to implement currency controls (e.g. like Cyprus did in 2013). 

Bitcoin is anti-centralized power and pro-freedom which they don't like.

This is a good development however I am not too optimistic about the outcome of it. Maybe because I really know how it would turn out and that is in the favor of the defendants who are the government. There are already anti Bitcoin and this point there is nothing that's can be done to change their mind about it to. They are conservative in their thinking. Unless a new government that is liberal and youthful then I'd have hope. But right now, all hope is lost in this cause/case .

Nigerian Files Lawsuit to Overturn Crypto Ban, Seeks BTC Commodity Status

A Nigerian bitcoin proponent has launched a lawsuit challenging government restrictions on owning, using, and trading digital assets. The proponent said the lawsuit seeks to remove the blockade on cryptocurrency exchanges, ensuring all Nigerians have unrestricted access.

Crypto Restrictions Deny Residents Access to Inflation Hedging Tools

Nigerian cryptocurrency advocate James Utudor filed a landmark lawsuit challenging government restrictions on owning, using, and trading digital assets like Bitcoin (BTC) and stablecoins. Utudor claims the lawsuit, naming the Nigerian presidency, finance minister, and attorney general as defendants, aims to protect Nigerians’ fundamental rights.

In an Aug. 9 social media post (formerly Twitter), Utudor argued that restrictions imposed by government agencies and regulators infringe on the rights of digital asset holders and those who wish to own them. Since the beginning of 2024, Nigerian authorities have implemented measures to curb cryptocurrency trade and use, even targeting popular exchanges like Binance.

As reported by Bitcoin.com News, Nigerian officials claimed these global exchanges allowed bad actors to use their platforms for activities contributing to the local currency’s depreciation. Additionally, officials accused the exchanges of failing to pay taxes despite Nigeria’s significant contribution to their revenue.

Proponent Wants BTC Declared Commodity

Utudor’s lawsuit, however, focuses on the characteristics of digital assets and how the restrictions deny residents essential tools for hedging against inflation.

“Bitcoin and other digital assets are vital tools for protecting savings from inflation and enabling international transactions, particularly in light of naira devaluation and foreign exchange shortages,” the crypto proponent said.

Utudor said the lawsuit seeks to remove the blockade on cryptocurrency exchanges, ensuring all Nigerians have unrestricted access. It aims for a court declaration affirming the rights of Bitcoin and USDT holders and recognizing BTC as a commodity.

The lawsuit also names the Central Bank of Nigeria, the Securities and Exchange Commission, and the Economic and Financial Crimes Commission as defendants. The Nigerian Police Force, National Information Technology Development Agency, and Nigerian Communications Commission are additional defendants.

Source: https://news.bitcoin.com/nigerian-files-lawsuit-to-overturn-crypto-ban-seeks-btc-commodity-status/