Nigerian activist receives local support in legal fight to use crypto

Mansory22022

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

There is a lawsuit against many regulators and the government of Nigeria about their hostility against cryptocurrencies in Nigeria by a crypto activist and politician James Otudor. According to the news, he is receiving support from the local cryptocurrency community. We all know how the regulators and government strictly against P2P transactions in Nigeria and how they told some P2P exchanges to stop providing crypto/naira P2P services to Nigerians. I think this is worth knowing.

https://cointelegraph.com/news/nigerian-crypto-activist-james-otudor-gains-community-support

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

Why cant trust nigeria? Corruption and reputation is bad+ alot money laundering cases.

So you need to guys fix your rep before you speak much

Antotena

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Quote from: Gooner0 on August 16, 2024, 03:58:57 AM

I hope the hearing of the lawsuit won't be in a Nigerian court.
Because if it is, then it's probably a waste of time, we all know how rigged our system is.
Nigeria I know , the elites are somewhat above the law.
So I don't really think this will go a long way

I want the lawsuit presented and read in the court, it's because we do think that the system is rig they always have their ways but if we fight and ask the court for preceding and everything is rule according to law, the government will pay. This is not the first time the government has abused their positions, it's the abused and misused of power by one or two individuals working for the government and if they are guilty, the court will rule as it is to everyone.

After the reading, the next will be fought online, I trust the crypto community are very supportive. I have seen countless of article about Nigerian and crypto adoption many times I can count. If there should be a lawsuit and it's ruled but the government are trying to used their immunity to silent the court, the world will know about the people involved which is going to jeopardize their reputation in the international countries.

DubemIfedigbo001

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

They would only see the usefulness of fiat since they can control, manipulate and tax it anyhow they want. It also suits their irrational style of leadership that keeps the nation hungry and vulnerable to ensure they win their elections easily and are re-elected into office to continue their nonsenses.

The government truly knows the potentials of cryptocurrency, they are only enraged that they cannot control it like fiat, hence their fight and shortsightedness to identify the hidden potentials of cryptocurrency to build the economy of even a falling nation like ours.

I still believe that these fights are described as initial resistances to the course of crypto, the web3 world keeps evolving and would reach a maturity stage in the nearest future where lots of people hedge their money in bitcoin against enriching banks and depreciating their funds, make transactions in USDT, USDC or other stable cryptocurrencies and most online payment platforms would gladly accept it as means of payment alongside fiat.

CryptoHeadlineNews

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Quote from: Smartvirus on August 23, 2024, 03:24:19 AM

One tool way government don use Dey cause wahala for the nation be say, them do there best to make sure say, the citizens no really know where them stand on the status of cryptocurrency for the country. CBN go pass order, FG go later deny say, them no Dey aware. You go con Dey wonder if them no Dey under the same canopy government. You go later hear say, government no ban cryptocurrency but, them no endorse or support am. Still, you go find them restricting users and even CEX for the nation from offering P2P services to citizens. Confusion everywhere and e don work for them so far.

Them really need to get one mouth for this issue and find a way towards better regulations for where them fit apply am.

Lolz.. Though eh sound funny to the ear, but na true talk you just year hear my chief, and the sad thing be say our government and CBN has capitalized on using this inconclusive decision about crypto's stand in the country to confiscate many people account and funds, of which they are still doing that till today, together with the EFCC boys, which is not fair. So just as you said, if both bodies been fit come with a unified mouth on the stand of crypto currency in the country, as eh for really be a welcome development. As crypto na one lucrative sector wey for dey fetch federal government big revenue through tax.

Bravut

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E never do anything wrong, the Government been only go against P2P in exchanges, of which e deh different from this situation. Anybody fit decide how they wan receive there payment either through Bitcoin, USDT, whatever... No be crime, wetin I see here na just misconception wey Government wan use as advantage.

Nigerian Government and her financial institution na failure, deh leave relevant and important factors wey go help improve the economic situation deh chase petty cash from exchanges and irrelevant stuffs, showing misplaced priority.

Smartvirus

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One tool way government don use Dey cause wahala for the nation be say, them do there best to make sure say, the citizens no really know where them stand on the status of cryptocurrency for the country. CBN go pass order, FG go later deny say, them no Dey aware. You go con Dey wonder if them no Dey under the same canopy government. You go later hear say, government no ban cryptocurrency but, them no endorse or support am. Still, you go find them restricting users and even CEX for the nation from offering P2P services to citizens. Confusion everywhere and e don work for them so far.
Them really need to get one mouth for this issue and find a way towards better regulations for where them fit apply am.

HajiBagi

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

There is a lawsuit against many regulators and the government of Nigeria about their hostility against cryptocurrencies in Nigeria by a crypto activist and politician James Otudor. According to the news, he is receiving support from the local cryptocurrency community. We all know how the regulators and government strictly against P2P transactions in Nigeria and how they told some P2P exchanges to stop providing crypto/naira P2P services to Nigerians. I think this is worth knowing.

https://cointelegraph.com/news/nigerian-crypto-activist-james-otudor-gains-community-support

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

Even if the Nigeria fiat price comes down the government will still find a way just to paint cryptocurrency negatively, I have said it before and I will still say that the government doesn't know what they are fighting against and the reason why the government takes it serious is that the youth are making a lot of money in cryptocurrency and they don't want the youth to progress, they want the youth to be crawling on their kneel and be asking for what they will eat, we all know how greedy how the government is and they don't want wants anything that will make people of the country progress.

All this online have been used for many years and no government has complained about all this before but after the new government everything changed, this shows that nothing concerned cryptocurrency with what is affecting Nigeria's economy, the government knows what is affecting Nigeria and they won't solve the problems and they will keep blaming what did not even concern the problem, although sometimes dollar exchange affect the Nigeria fiat but not this way that the government is complaining.

Jon pyagbara

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Quote from: CryptopreneurBrainboss on August 15, 2024, 04:07:40 PM

Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

The excuse say crypto is used for fraud or anybody doing cryptocurrency is just disguising as they're fraudsters, na wetin go make us remain backwards for the world and Africa self because some other African countries dun dey advance pass us for crypto matters. The government no know wetin dem dey miss by attacking crypto for the country wey be say dem supposed dey see how dem go welcome am so dem fit get inflow of businesses and companies dem wey dey associated with the industry so dem fit dey help strengthen the economy in various ways.

First e go bring about job creation, foreign investors and then revenue for the government. As for the activist, he's fighting a good battle and we can only hope he wins because we know as things dey be for this country. Las last the government get the final say because na dem get the government and they make the policy we dey guide the country so if dem say crypto bad for the economy, we can only hope they come to their senses to see that they're making a mistake.

This is just the truth, Many African countries are now beginning to overtake Nigeria when it comes to crypto, the attack on crypto by the government can also be seeing as a direct attack on the economy of the country, because any action taken by any individual or the government that hinders the financial and digital growth of its citizens can also be seeing as an attack on the economy of that country, already we are experiencing the following in crypto space because of the continuous attack by the government

1. Reduced investment as many investors especially of Nigerian origin living in Nigeria have reduced the way they Invest in crypto because of lack of government support.

2. And like you mentioned, Other that other African countries are now way above Nigeria when it comes to crypto, lack of government support to crypto have reduced the competitiveness Nigeria had in the crypto market with other countries especially African countries,

So I will throw my support behind James Otudor anyday and anytime and I know Nigerians that mean well for the country will do same.

Mr Reporter

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Well to me it a good strategy for the community but the truth be told this is Nigerian were laws are been break by the lawmakers themselves, the government official's are not ready to give anyone a listen ear about cryptocurrencies matters remember nobody can fight the government that is that... the government's are seeing crypto transactions as a way to scam people and as a way to take over flat currency and they don't like the fact that cryptocurrencies is over riding Nigerian naira. Well I will say for now they will try everything in their power to stop the adoption of it.

Jon pyagbara

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This is a good one, for me there are some positive points here if this lawsuit should go against the government then it's a win for Nigerian youths especially the Nigerians involved in crypto activities.
if the government should act like other advance countries and give crypto currencies a full backing youths Will no longer depend on them for jobs and employment, well there are key facts to note here,

1. Restrictions on Bitcoin transactions is a direct attack on the fundamental rights of those involved, and Nigerians in general.
2. This also shows that the government of the day are not on the same with the recent digital technologies and assets, which is a major tool for the growth and advancement of a country's economy, gone are the days natural resources had the capacity to sustain the economy, we are in the new reality and crypto currencies is the new reality.

Asiska02

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

There is a lawsuit against many regulators and the government of Nigeria about their hostility against cryptocurrencies in Nigeria by a crypto activist and politician James Otudor. According to the news, he is receiving support from the local cryptocurrency community. We all know how the regulators and government strictly against P2P transactions in Nigeria and how they told some P2P exchanges to stop providing crypto/naira P2P services to Nigerians. I think this is worth knowing.

Why won’t he gain the community support when we are all agitators of cryptocurrency. Don’t you see the many challenges youths of the nation are facing amidst the bad state of living. Closing one more door that youths are using for their survival is painful and what’s more painful is that they don’t provide remedy to them. He has done well and I’m glad he won over the government. Being a politician could have helped a lot in wining the lawsuit since he knows better how they operate and can tell his rights well. More activist like this could help in the mass adoption and uplift of some bans later.

Quote

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

It is necessary to understand that cryptocurrencies cannot be only attached to the bad name on the society because that’s the only way the government is campaigning against it. All that have been listed as the negative influence of cryptocurrencies are also seen in the local fiat currencies. It is noteworthy to know that also and the misconception about it be clear in order not to hinder more adoption of it by the society.

SuperBitMan

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I really don't know why Nigeria government is fighting cryptocurrency, some countries has already accepted the use of Bitcoin as a means of payment and they are doing very well, Nigeria government feels the use of cryptocurrency will bring down there economy and that cryptocurrency increases cyber crime but all this are not a good reason for Nigeria government to fight the use of cryptocurrency in the country, what they should do is to accept cryptocurrency and make rules and regulations that will guide investors so as to prevent crime and set a balance that will help increase the economy.
Cryptocurrency has helped a lot of people in Nigeria by providing a system were people make money by crypto trading or buying and hodling and later sell, this has helped the youth of the country and a lot of people are now into cryptocurrency investment so there's no need to fight crypto.
I will advise the government to support cryptocurrency, make rules and regulations supporting it.

Gooner0

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I hope the hearing of the lawsuit won't be in a Nigerian court.
Because if it is, then it's probably a waste of time, we all know how rigged our system is.
Nigeria I know , the elites are somewhat above the law.
So I don't really think this will go a long way

Franctoshi

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

There is a lawsuit against many regulators and the government of Nigeria about their hostility against cryptocurrencies in Nigeria by a crypto activist and politician James Otudor. According to the news, he is receiving support from the local cryptocurrency community. We all know how the regulators and government strictly against P2P transactions in Nigeria and how they told some P2P exchanges to stop providing crypto/naira P2P services to Nigerians. I think this is worth knowing.

https://cointelegraph.com/news/nigerian-crypto-activist-james-otudor-gains-community-support

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

This is a step in the right direction and indeed mean so well for every crypto enthusiasts out there for we to operate freely, the economy is bitting so hard that people can barely survive and now lot of people no longer rely on government's provision of jobs to survive and therefore has resorted in doing some online jobs, crypto jobs and as well as investment into Bitcoin and trading of cryptocurrency to survive, thereby using cryptocurrency as a payment gateway.

This legal action by this Nigeria politician James Otudor is highly commendable as crypto lovers in Nigeria has been pushed to the wall and is due time that they speak out ,However, we all know how the judiciary system here in Nigeria works ,the government controls everything and runs a monopoly system of government, where the government at the centre controls the other two arms of government, the Judiciary and the legislative arms of government, therefore except this banning of P2P affected most of our politicians as some of them are directly or indirectly has investment in cryptocurrency and where we have majority of them go lobby the court to rule this case in their favour, else the federal government would tell the court to throw this case away and the case will die.

promise444c5

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Cryptocurrency are use for fraud ... blah blah blah, this are all excuses of incompetency from government we all know the truth,it's just that this government takes us as fools most times just because the minority rule in a country where the voice of the majority suppose to be supreme in the first place. No matter how wrong they are , they are always right in their judgement(clowns), they've taken out 2~3exchanges what's the difference... nothing they just kept going through the same loop thus making things worst.Crypto is the new digital currency unlike fiat and they can't do nothing to stop it instead they just need a way to accomodate it and get something out of it(simple).

nelson4lov

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Imo, the fact is very simple, really. Government can't and won't bad fiat currencies because they have the ultimate printer that they can just keep printing more. Why is inflation eating away most economies of the world? Simple, Governments are printing more than they're making from revenues, taxes, etc.

During the Elon Musk and Donald Trump interview, Elon Musk made a remark that the only checks that never bounce in the world are government checks — whether there's money or not, it is paid.

But with crypto, there is no control. If governments sell their BTC stash, they don't have any mechanisms to just make more out of thin air. Thus, limited supply is indeed a limiting factor.

rachael9385

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

Exactly mate, government no go ever ban their fiat currency because even them too get am already. And those years wey guys dey use fiat dey demand ransom too the government no also request to ban fiat. The truth be say no be to day corruption start and make them no talk say Bitcoin dey increase the fraud because nah lie, and them also know the truth. But I dey much happier say government no go fit completely ban crypto currency for the country/world because e dey anonymous .

CryptopreneurBrainboss

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

He also addressed the misconception about how cryptocurrencies are mostly used for fraud. I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

The excuse say crypto is used for fraud or anybody doing cryptocurrency is just disguising as they're fraudsters, na wetin go make us remain backwards for the world and Africa self because some other African countries dun dey advance pass us for crypto matters. The government no know wetin dem dey miss by attacking crypto for the country wey be say dem supposed dey see how dem go welcome am so dem fit get inflow of businesses and companies dem wey dey associated with the industry so dem fit dey help strengthen the economy in various ways.

First e go bring about job creation, foreign investors and then revenue for the government. As for the activist, he's fighting a good battle and we can only hope he wins because we know as things dey be for this country. Las last the government get the final say because na dem get the government and they make the policy we dey guide the country so if dem say crypto bad for the economy, we can only hope they come to their senses to see that they're making a mistake.

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Quote from: CryptoHeadlineNews on August 14, 2024, 02:37:17 AM

Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

He is actually right on the statement he made above, and even the government knows it, but the main reason why our Nigerian government is fighting crypto seriously is simply because it can't be controlled, whereas the other vices mentioned above are secondary allegations (i.e as an aid to terrorism, banditry and kidnapping), because even before the existence of Bitcoin in in 2009, these vices have already been in existence, of which fiat, gold and other valuable natural resources has always been a medium of exchange or means of funding to this.
I just wished we could have more people of this to speak about the true right of Bitcoin, and how positively, it has affected the lives of the young Nigerian youths.

when politicians want to luander money they do it in liquid cash, because there won't be any trace,
When kidnappers want to receive ransom they do it in fiat, latest record has it aht billions of dollars was wired out of Nigeria through the banking system by terrorists, all this was done through the bank and the traditional financial system which is controlled by the governments, so why then should there be attacking bitcoin and cryptocurrency a d trying to make any transactions through cryptocurrency to look as if it a terrorism financing.

Alot need to be done in this country so that we can regain the track we are missing, because being one of the countries that top in volume of bitcoin /crypto trading, having a good friendly regulations will help alot to generate tax from the high volume of trades that goes through Nigeria traders.

CryptoHeadlineNews

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Quote from: Charles-Tim on August 11, 2024, 02:40:53 AM

I think we should leave this because we all know already how naira and other fiat are used by terrorists, bandits, and by those that wants to collect ransom after they abducted someone. We also know already that even if the fiat is bad in the society, the government will still continue to make it a legal tender because they only see the usefulness.

He is actually right on the statement he made above, and even the government knows it, but the main reason why our Nigerian government is fighting crypto seriously is simply because it can't be controlled, whereas the other vices mentioned above are secondary allegations (i.e as an aid to terrorism, banditry and kidnapping), because even before the existence of Bitcoin in in 2009, these vices have already been in existence, of which fiat, gold and other valuable natural resources has always been a medium of exchange or means of funding to this.
I just wished we could have more people of this to speak about the true right of Bitcoin, and how positively, it has affected the lives of the young Nigerian youths.

Topic: Nigerian activist receives local support in legal fight to use crypto (Read 460 times)