Can Trademark Protection be Extended to
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.
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
Also, unlike the conventional currency, cryptocurrency is not centrally created
and distributed. Instead, it is a network of computers, which maintains a digital
record of transactions while performing the computational work. This, in turn, is
rewarded with the newly created cryptocurrency.
In the age of cryptocurrency, the first move was advanced by the introduction of
Bitcoin, which was introduced in a white paper in 2008, and then it came to be
launched in 2009. Since then, there have been more than 2500 cryptocurrencies.
A few commonly known cryptocurrencies are Ethereum, Litecoin, Ripple, Zcash,
Dash, and Monero – all of which have distinct trademarks.
Can Cryptocurrencies be Protected under the Trademark Law?
A trademark is a word, label, symbol, etc., which is capable of bei