Key Takeaways
The decision removes a major legal barrier for the CBN's upcoming digital currency.
The Enaira’s launch delay occurred a day after a company (ENaira Payment Solutions Limited) sued the CBN over the name “eNaira”.
According to Nairametrics, an increase in traffic prompted the CBN to “reevaluate the mechanism underpinning the digital currency” before launching.
Central Bank Digital Currency (CBDC) may continue "on national interest" grounds, according to the Nigerian High Court, which is presided over the e-naira trademark infringement lawsuit against the Central Bank of Nigeria (CBN).
The decision removes a significant legal barrier for the Central Bank of Nigeria's (CBN) upcoming introduction of a digital currency.
Before, as previously reported by Bitcoin.com News, Nigerian company Enaira Payments Solution had sued the central bank for trademark infringement because it used the name "e-naira. "
They claim the CBN's intention to use the word "e-naira" is threatening and willfully infringing on their rights.
However, a High Court judge, Taiwo Abayomi Taiwo, ruled only days after a CBN spokesman said the CBDC launch had been postponed so the "plaintiff may be properly paid."
The matter is now set for October 11th, when the parties are due back in court.
Speculation quickly arose when the Central Bank of Nigeria (CBN) announced a delay in the introduction of the e-naira currency.
The actual reason for the delay, according to Nairametrics, is the continuous increase in website traffic. CBN officials were persuaded by the spike in traffic to conduct a "reassessment of [the] technology powering the digital currency] before the deployment," a source told Reuters.
While this information is available, it does not say when the central bank plans to complete its review or when the new e-naira will go into circulation.
How do you see the court's approval?
