{"id":12858,"date":"2021-10-05T10:54:13","date_gmt":"2021-10-05T10:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-court-paves-way-for-cbdc-rollout-suggests-plaintiff-may-be-adequately-compensated\/"},"modified":"2021-10-05T10:54:13","modified_gmt":"2021-10-05T10:54:13","slug":"nigerian-court-paves-way-for-cbdc-rollout-suggests-plaintiff-may-be-adequately-compensated","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-court-paves-way-for-cbdc-rollout-suggests-plaintiff-may-be-adequately-compensated\/","title":{"rendered":"Nigerian Court Paves Way for CBDC Rollout, Suggests \u2018Plaintiff May Be Adequately Compensated\u2019"},"content":{"rendered":"

The Nigerian High Court that is presiding over the e-naira trademark infringement case brought against the Central Bank of Nigeria (CBN), has ruled that Central Bank Digital Currency (CBDC) \u201cmay proceed on national interest\u201d considerations. The ruling clears a crucial legal hurdle for CBN\u2019s yet to be rolled out digital currency.<\/strong><\/p>\n

CBN\u2019s Alleged Trademark Infringement<\/h2>\n

As previously reported<\/a> by Bitcoin.com News, Nigerian firm Enaira Payments Solution had filed a trademark infringement lawsuit against the central bank for its use of the term \u201ce-naira.\u201d The firm\u2019s lawyers have argued that the CBN\u2019s plan to use the e-naira term posed a threat and would represent a willful infringement.<\/p>\n

Yet in a ruling that came just a few days after a CBN spokesperson announced<\/a> the deferment of the CBDC launch, the High Court judge, Taiwo Abayomi Taiwo, reportedly<\/a> justified this decision by suggesting the \u201cplaintiff may be adequately compensated.\u201d Parties to the case are now expected to return to court on October 11.<\/p>\n<\/p>\n

Reason for Postponement<\/h2>\n

When the CBN announced the postponement of the e-naira launch, observers were quick to speculate that this was linked to the lawsuit. However, a report<\/a> the Nairametrics pointed to the sustained surge in traffic to the website as the real reason for the postponement. According to the report, this surge in traffic convinced the CBN that it had to do \u201ca reassessment of the system powering the digital currency\u201d before the rollout.<\/p>\n

The report however does not state when the central bank expects to conclude the reassessment or the new e-naira launch date.<\/p>\n

Do you think that the CBN is capable of successfully rolling out a CBDC? You can share your thoughts in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFintech, CBDC, Central Bank, Central Bank of Nigeria, Digital Currency, e-naira, e-naira launch, Justice Taiwo Abayomi Taiwo, Trademark infringement<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian High Court that is presiding over the e-naira trademark infringement case brought against the Central Bank of Nigeria (CBN), has ruled that Central Bank Digital Currency (CBDC) \u201cmay proceed on national interest\u201d considerations. The ruling clears a crucial legal hurdle for CBN\u2019s yet to be rolled out digital currency. CBN\u2019s Alleged Trademark Infringement…<\/p>\n","protected":false},"author":0,"featured_media":12859,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12858"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12858"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12859"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}