Nigerian Central Bank Sued For Copyright Infringement After CBDC Website Goes Live

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Good news! The official website for the Central Bank of Nigeria (CBN)’s e-naira is now live. 

The kicker? The CBDC (central bank digital currency) launch may be affected by a copyright infringement lawsuit filed by Enaira Payment Solutions.

Reports of the website came just a few days shy of the e-naira rollout. Regional news outlet This Day stated that the website received more than one million hits in less than 24 hours after it went live. The publication noted that this level of reception shows how popular the proposed CBDC is.

However, Cryptotvplus reported that the CBDC rollout might bear the brunt of a lawsuit that Enaira Payment Solutions has allegedly filed against CBN. The suing company, which was incorporated in 2004, insists that the Enaira trademark legally belongs to it. Thus, it has requested to get a restraining order against the CBN to protect itself from this “illegal act.”

Enaira Payment Solutions has warned the CBN against “using or purporting to use the name Enaira for its product or in any other way.”

The website in question explained that the e-naira can be used as currency to be exchange and a store of value. The CBDC is said to also provide ”better payment prospects in retail transactions” in comparison to cash payments. They believe that the e-naira would be able to speed up financial inclusion, enhancing both domestic and global trade.

The website reminds visitors that e-naira will resemble physical naira, that it can be exchanged between peers and that anyone can hold it.