{"id":10379,"date":"2022-02-02T09:24:46","date_gmt":"2022-02-02T09:24:46","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=10379"},"modified":"2022-02-02T09:24:47","modified_gmt":"2022-02-02T09:24:47","slug":"is-it-possible-to-get-trademark-protection-for-cryptocurrency","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/","title":{"rendered":"Is It Possible to Get Trademark Protection for Cryptocurrency?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Cryptocurrency\nis differentiated by its own financial market, with corporations like Samsung\nand Facebook deciding to launch their own versions or types of Cryptocurrency\nto participate in this market. Nowadays, one of the most famous\nCryptocurrencies in the world is <strong><em>BITCOIN; <\/em><\/strong>many people have been\ninterested in this ground-breaking technology. Recently, Nike has obtained\nTrademark Registration in the United States for their Cryptocurrency, dubbed <strong><em>Crypto\nSneakers<\/em><\/strong>. Blockchain Technology provides Cryptocurrency trades by\npermitting transactions to be performed in a secure, safeguarded ledger using a\nnetworked database structure protected by hashing power. Cryptocurrencies were\nintroduced to replace some of the present currencies and fulfil identical\nfinancial tasks without requiring Government consent as legal currency. In this\nwrite-up, we are going to discuss how is it possible to get Trademark\nProtection for Cryptocurrency?<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b0965bc7fc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b0965bc7fc\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/#What_do_you_mean_by_Cryptocurrency\" title=\"What do you\nmean by Cryptocurrency? \">What do you\nmean by Cryptocurrency? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/#Trademark_Protection_for_Cryptocurrency_%E2%80%93_Is_it_Possible\" title=\"Trademark\nProtection for Cryptocurrency \u2013 Is it Possible?\">Trademark\nProtection for Cryptocurrency \u2013 Is it Possible?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/#Trademark_Infringement_Case_Between_Alibaba_Group_Holding_Limited_vs_Alibabacoin_Foundation_%E2%80%93_Trademark_Protection_for_Cryptocurrency\" title=\"Trademark\nInfringement Case Between Alibaba Group Holding Limited vs Alibabacoin\nFoundation &#8211; Trademark Protection for Cryptocurrency\">Trademark\nInfringement Case Between Alibaba Group Holding Limited vs Alibabacoin\nFoundation &#8211; Trademark Protection for Cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/#What_are_the_Drawbacks_of_not_Obtaining_Trademark_Protection_for_Cryptocurrency\" title=\"What are the\nDrawbacks of not Obtaining Trademark Protection for Cryptocurrency?\">What are the\nDrawbacks of not Obtaining Trademark Protection for Cryptocurrency?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/is-it-possible-to-get-trademark-protection-for-cryptocurrency\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_do_you_mean_by_Cryptocurrency\"><\/span>What do you\nmean by Cryptocurrency? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before\nwe discuss Trademark Protection for Cryptocurrency, let&#8217;s understand the\nmeaning of Cryptocurrency. It is a type of virtual or digital money that uses\ncryptography for security &amp; a decentralised ledger for transaction\nrecording. It only exists in a virtual formal, unlike a real note issued by the\nGovernment. It is represented by a computer code that may be organised to\ninclude an extensive range of rights &amp; duties to achieve activities beyond\noperating just as a means of payment or exchange. Cryptocurrency can also be\nused to enable digital access to a product, a service or an application, as\nwell as to show actual world asset interests. <\/p>\n\n\n\n<p>Additionally,\nunlike traditional currencies, BITCOIN is not distributed &amp; generated\ncentrally. Instead, it&#8217;s a network of computers that does computational work\nwhile keeping online transaction records. As an outcome, the newly minted coin\ngets rewarded. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trademark_Protection_for_Cryptocurrency_%E2%80%93_Is_it_Possible\"><\/span>Trademark\nProtection for Cryptocurrency \u2013 Is it Possible?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>BitFlyer, Inc. had obtained <a href=\"https:\/\/swaritadvisors.com\/trademark-registration\" class=\"text-primary\"><strong>Trademark Registration<\/strong><\/a> for the word \u201cBITCOIN\u201d for use as computer programmes employed in the area of electronic commerce transactions; electronic machines &amp; apparatus; telecommunication machines &amp; apparatus; computer programmes in 2016, but the <strong><em>USPTO (United States Patent &amp; Trademark Office) <\/em><\/strong>had refused it. The word was only descriptive of the subject matter &amp; specifics of the products or goods submitted by the owner or applicant, as per the USPTO. The USPTO also rejected an application for the Registration of BITCOIN word in 2018, claiming that the mark or word was merely descriptive of the subject matter &amp; a characteristic of the owner or applicant\u2019s services.<\/p>\n\n\n\n<p>Moreover, in the USA, the work OMNICOIN was registered in Class 36 for <strong>Cryptocurrency<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency\" class=\"text-primary\"><strong>[1]<\/strong><\/a><\/sup>, namely, giving a digital currency for use by online communities through a worldwide computer network; Cryptocurrency, namely, a P2P digital currency, incorporating cryptographic protocols, operating over the internet, and used as a payment method for products &amp; services; it, namely, a P2P online currency, incorporating cryptographic protocols, Cryptocurrency, primarily, a P2P digital currency, combining cryptographic protocols, running over the internet, and unlisted as a Payment form for products &amp; services, as per <strong><em>Class 36<\/em><\/strong>.<\/p>\n\n\n\n<p>In\n2020, the <strong><em>SPTO or Spanish Patents &amp; Trademark Office, <\/em><\/strong>like the United\nKingdom, awarded Trademark Protection for Cryptocurrency (BITCOIN) salesperson\ninvolved in selling &amp; buying BITCOIN. Such a grant of Trademark Rights for\nthe word \u201cBITCOIN\u201d has been criticised across the globe because Blockchain\n&amp; BITCOIN are based on open source technologies that anybody may use to\nprovide Cryptocurrency services. The USA is most likely the 1<sup>st<\/sup>\nnation to experience an upsurge in case laws concerning Trademark Law and\nCryptocurrencies, especially since it starts enabling the BITCOIN names&#8217;\nregistration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trademark_Infringement_Case_Between_Alibaba_Group_Holding_Limited_vs_Alibabacoin_Foundation_%E2%80%93_Trademark_Protection_for_Cryptocurrency\"><\/span>Trademark\nInfringement Case Between Alibaba Group Holding Limited vs Alibabacoin\nFoundation &#8211; Trademark Protection for Cryptocurrency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\npetitioner Alibaba Group Holding Limited vs Alibabacoin Foundation, requested a\npreliminary injunction against the defendants for Trademark Infringement of its\nbrand or Trademark Alibaba as a new Cryptocurrency, Alibabacoin. They also\nasked for a ban of the word Alibaba Coin to refer to their Cryptocurrency until\nthe suit was resolved. The preliminary injunction was permitted by the US\nDistrict Court for the Southern District of New York, and the defendants move\nto dismiss the lawsuit was declined. On the main claim of the defendant was\nthat Alibaba had said that it would never involve in the Cryptocurrency sector\nand as an outcome, had surrendered its right to use its Cryptocurrency\nTrademark. The Court dismissed this dispute, nothing that &#8220;accepting this\nview of rejection would solidify American Trademark Law hugely\neffectively&#8221; and permitted Alibaba a preliminary injunction after\ndetermining that Alibaba had established a chance of success on the virtues of\nits Trademark Infringement claim. Moreover, the Court determined that the\ndefendants used the word or mark in conjunction with their online business\nactivities, specifying that the mark or word was used in commerce as a product\nor service.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Drawbacks_of_not_Obtaining_Trademark_Protection_for_Cryptocurrency\"><\/span>What are the\nDrawbacks of not Obtaining Trademark Protection for Cryptocurrency?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nconsequence of failing to attribute Trademark ownership might result in wings\nof problems stemming from the specious application of such technology. Consider\nthe case of an internet user who is interested in Cryptocurrencies and wants to\npurchase it. After examining his or her options for purchasing BITCOINs, he or\nshe decides to get them from an individual who is actively pushing the sale of\ncurrency while also operating as a falsified investor. Because of such\nCryptocurrency is not held and safeguarded under the Trademark Law, the owner\ncannot prevent anybody acting in such a fake capacity from causing damage to\nthe brand image of Cryptocurrency.<\/p>\n\n\n\n<p>If\nthe consumer fails to prevent such activities as mentioned above, they may\nincur unwarranted difficulties as an outcome of an absence of available\nremedies. Moreover, words like Blockchain and Bitcoin have grown in popularity,\nand it is simple to use identical terms for other products or services without\ninfringing the law. As an outcome, it is vital to find out how to preserve\nCryptocurrencies so that customers aren&#8217;t targeted by different Cryptocurrency\nproviders &amp; the approved reputations of providers are not tarnished.<\/p>\n\n\n\n<p>As\nan outcome, attribution of combined authorship to owners in the form of\ncollective marks is another option to single ownership over such technologies.\nThe same would serve as a protection against customer deception while\nconcurrently resolving the decentralised control dilemma. But, this is not a\nproblem free way because validating actual ownership of Trademarks can be\nchallenging. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Cryptocurrency\nhas grown immensely in the last few years, granting people to send and receive\nthat are not limited to a sole currency. Such technology has the capability to\ntransform completely and modernise our economic operations. However, the world\nas a whole is still grappling with a slew of regulatory &amp; legal problems\nsurrounding BITCOIN.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency is differentiated by its own financial market, with corporations like Samsung and Facebook deciding to launch their own versions or types of Cryptocurrency to participate in this market. Nowadays, one of the most famous Cryptocurrencies in the world is BITCOIN; many people have been interested in this ground-breaking technology. Recently, Nike has obtained Trademark [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":10383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[72],"tags":[974],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10379"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=10379"}],"version-history":[{"count":12,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10379\/revisions"}],"predecessor-version":[{"id":10392,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/10379\/revisions\/10392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/10383"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=10379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=10379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=10379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}