A Federal U.S. judge has rejected the petition of Alibaba Group Holdings Ltd. request blocking of the activity of the company Alibabacoin Foundation. Recall, the Chinese company Alibaba has filed a lawsuit against the creators of cryptocurrency Alibabacoin, which stated that the Dubai project violates trademark rights.
In his ruling, judge Paul Atkin of the District court for the southern district of new York (i.e. Manhattan) rejected the claim of Alibaba, stating that it found no evidence of the use of the name Alibaba in the project Alibabacoin can hurt the business prospects of the Chinese Corporation Alibaba in new York.
Surprisingly, the judge noted that the use of the name will not matter, even if Alibabacoin will eventually be registered on the new York stock exchange.
Judge Atkin explained that any damage to the business or reputation of the Corporation Alibaba from using someone else name Alibaba is happening in China, not in new York. A Federal U.S. judge has no jurisdiction in another country.
Alibabacoin for its part, argues that the prohibition of China to conduct ICO eliminates any possibility of entanglement in China.
In a statement dated may 1, 2018 Alibabacoin issued a statement in its twitter account, noting the fact that the judge made the right decision:
“We firmly believe that Alibabacoin Foundation never acted illegally. Fair and exhaustive arguments, we fully trust the judge’s decision”.
Alibabacoin Foundation (also known as ABBC) filed a motion to dismiss, stating that Alibaba Group may not monopolize the “magic” name of Alibaba.
“The legend of Alibaba causes is associated with magic, gold coins and “Sizam, open it up. Subjects ABBC have the right to use a word meaning magic and gold coins (Alibaba)”.
As for the Director-General of Alibaba Group Jack MA, he is a bitcoin skeptic, who expressed his concern about the lack of transparency of cryptocurrency and its potential for use in money laundering.
“Bitcoin is not for me,” said MA. “We are not focused on Bitcoin. We orientirueshsya on a cashless society for China, … in an effort to provide a more efficient, transparent society without corruption.”
Despite his negative attitude towards cryptocurrencies, Jack MA remains a fan of the blockchain. Lynx International, a subsidiary of Alibaba, has successfully integrated this technology in their cross-border logistics operations.
And it is likely that Alibaba Group will continue to implement the blockchain in their vast business Empire, whose income in 2017 exceeded $ 22 billion.