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A US federal judge rejected the decision of Alibaba Group Holdings Ltd. to block the Dubai Alibabacoin Foundation cryptocurrency company to use the Alibaba name for its virtual currency Alibabacoin.
In his ruling, Judge Paul Oetken of the Southern District of New York (Manhattan) dismissed Alibaba's motion for jurisdictional reasons, saying that he had not demonstrated that the The use of the name Alibabacoin would harm its business prospects in New York or damage its trademarks in New York.
Surprisingly, the judge said that it did not matter that Alibabacoin could possibly be listed on an exchange in New York.
Judge: No infringement in New York
Judge Oetken stated that any prejudice to the business or reputation of Alibaba due to the alleged use of the Alibaba name would be carried out in China, and not At New York. A US federal judge does not have jurisdiction over the legal issues that arise in a foreign country.
Alibabacoin argues that China's ban on initial offers of coins eliminates any possibility that consumers in China are confused by thinking that Alibabacoin is associated with the Alibaba group.
In a statement dated May 1, 2018, Alibabacoin stated that the judge made the right decision tweeting: "We firmly believe that the Alibabacoin Foundation has never acted illegally." Speak frankly and squarely, we believe firmly and fully trust the judge's decision. "
We firmly believe that the Alibabacoin Foundation has never acted unlawfully. Speaking frankly and squarely, we firmly believe and trust the judge's decision first and foremost. As always, I thank you from the bottom of my heart and continue to sponsor the Alibabacoin Foundation. pic.twitter.com/8skk7FTWt6
– ABBC Foundation (@abb Foundation) May 1, 2018
Alibaba Group sued the Alibabacoin Foundation in April 2018, claiming that the foundation was illegally taking over its name to promote its cryptocurrency.
Alibabacoin: Alibaba can not monopolize the name
Alibabacoin Foundation (also known as ABBC) responded by filing a motion to dismiss the lawsuit, saying Alibaba Group can not monopolize the name "magic" Alibaba, reported Reuters.
"The legend of Alibaba evokes thoughts of magic, gold coins, and" Open Sesame ", argued the Alibabacoin Foundation. "ABBC entities are well within their rights to use a word connoting the magic and gold coins in an area (Alibaba) has not used or, at the very least, abandoned. "
Interestingly, Alibaba Group CEO, Jack Ma, is a bitcoin skeptic who has expressed concerns about his opacity and its potential for use in money laundering, as reported CCN.
"Bitcoin is not for me," said Ma. "We are not focused on Bitcoin, we are focused on a society without money for China … trying to make sure the company is more efficient, more transparent, without corruption. "
[youtube https://www.youtube.com/watch?v=H_HZkcUP_O0?feature=oembed&w=500&h=281]
Despite his decline on bitcoin, Jack Ma is optimistic about blockchain. Lynx International, a subsidiary of Alibaba, successfully integrated blockchain into its cross-border logistics operations.
And it is likely that Alibaba Group will continue to integrate blockchain technology into its vast business empire, whose sales figure in 2017 reached $ 22 billion.
Image from Shutterstock to photo
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