Skip to main content

Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations

http://motleybloggers.com/wp-content/uploads/2021/09/nigerian-cbdc-website-goes-live-central-bank-faces-trademark-infringement-allegations.jpg

According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)’s e-naira digital currency is now up and running. The reports come just a few days before the start of the central bank digital currency (CBDC) rollout.


E-Naira Similar to Physical Currency


An analysis by regional news outlet This Day suggests that the website had recorded more than a million hits barely 24 hours after it went live. Such a reaction, according to the publication, points “to the level of interest in the proposed digital currency.”


As explained on the website, the CBN’s e-naira is expected to serve as both a medium of exchange and a store of value. The digital currency will also “offer better payment prospects in retail transactions when compared to cash payments.” There are claims that the e-naira will accelerate financial inclusion, enhancing both local and international trade.


On the other hand, the website reiterates the CBN’s claim that the e-naira will be similar to the physical naira. The CBDC will be exchanged between peers and anyone will be able to hold it.



Trademark Infringement


All that notwithstanding, a new report by Cryptotvplus suggests that the CBDC rollout might now be derailed by a legal challenge that has reportedly been filed against the CBN by Enaira Payment Solutions. In its challenge, Enaira Payment Solutions, which was incorporated in 2004, insists it is the rightful and legal holder of the Enaira trademark.


Therefore, to protect itself from the ramifications of this “illegal act” by the CBN, the company says it has since approached the High Court where it hopes to get a restraining order against the central bank. Still, the company has warned the CBN against “using or purporting to use the name Enaira for its product or in any other way.”


Do you agree that CBDCs offer better payment prospects in retail transactions than cash? Tell us what you think in the comments section below.



Origina post from
http://motleybloggers.com/nigerian-cbdc-website-goes-live-central-bank-faces-trademark-infringement-allegations/

Comments

Post a Comment

Popular posts from this blog

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...
Post a Comment
Read more

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...
Post a Comment
Read more

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...
Post a Comment
Read more