Can Trademark Protection be Extended to Cryptocurrency?
Cryptocurrency has been subjected to constant attention in the past few years for its revolutionary nature. The presence of cryptocurrency is constantly growing, and therefore, it needs the law to transform along with it to address its administration and execution. Several courts have had trouble in applying substantive Trademark Law to this field of technology. It may also be a proactive threat to trademark owners; thus, this article delves into the question of whether or not a name or logo of a cryptocurrency can function as a legitimate trademark.
Understanding Cryptocurrency Cryptocurrency is a virtual currency that utilizes cryptography for security along with a decentralized ledger to record transactions. Unlike a physical bill or coin issued by the government, it exists only in a digital medium. It is represented in a computer code that can be programmed to embrace a variety of different rights and obligations to perform different functions other than acting primarily as a mode of payment or exchange only. It can be used to provide digital access to a good, an application, or a service, while it also represents interests in real-world assets.