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.
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.