The Nigerian Supreme Court, presiding over the e-naira trademark infringement case against the Central Bank of Nigeria (CBN), has ruled that the Central Bank Digital Currency (CBDC) “may pursue considerations of national interest.” The ruling removes a crucial legal hurdle for CBN coins that have yet to be introduced.
Alleged CBN trademark infringement
As previously reported by Bitcoin.com News, Nigerian company Enaira Payments Solution has filed a trademark infringement lawsuit against the central bank for its use of the term “e-naira.” The company’s lawyers argued that the CBN’s plan to use the term e-naira posed a threat and would be a deliberate infringement.
However, in a ruling issued just a few days after a CBN spokesperson announced the postponement of the CBDC launch, the Supreme Court Justice, Taiwo Abayomi Taiwo, reportedly justified the decision by suggesting that the plaintiff be “appropriately compensated.” The parties to the case are now expected to return to court on October 11.
Reason for delay
When CBN announced the postponement of the e-naira launch, observers were quick to speculate that this was related to the lawsuit. However, the Nairametrics report cited the continued rise in traffic to the site as the real reason for the delay. According to the report, this increase in data traffic has convinced the Central Bank of Nigeria that it must conduct a “reassessment of the system that powers the digital currency” before the implementation can be launched.
However, the report does not say when the central bank expects to complete the reassessment or the date of the launch of the new e-naira.
Do you think the Central Bank of Nigeria will be able to successfully launch a central bank digital currency? You can share your thoughts in the comments section below.
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Fintech, CBDC, Central Bank, Central Bank of Nigeria, Digital Currency, e-naira, Launch of e-naira, Justice Taiwo Abayomi Taiwo, Trademark Infringement
