Reports have surfaced that a new virtual currency called “Coinye West” will be debuting in a couple of days on January 11th. The digital money is similar to Bitcoin, which uses peer to peer sharing to digitally exchange money. Coinye West will probably be used to buy illegal items online since it is an unregulated currency and hard to trace. The markers of Coinye have said, “Our goal with Coinye West is to make it easier for people to use cryptocurrency. Right now, it’s kind of a dark art for people to mine coins… It will get people who are on the fence interested and help them to start using the currency, and we hope they’ll share it with their friends, too.” Kanye West is not currently involved in the project but given that his face and name will be on it they hope he will get behind it. That sounds like a possible lawsuit. In fact, kanye’s lawyer has already tried to block it. Cease-and-desist papers have been sent to the seven anonymous coders behind Coinye West.
West’s lawyer argues trademark infringement and says“Given Mr. West’s wide-ranging entrepreneurial accomplishments, consumers are likely to mistakenly believe that Mr. West is the source of your services,” wrote Brad Rose, a partner at Pryor Cashman LLP, which has previously worked for Ye. They have changed the name to Coinye. Not sure thats going to change things. All images of the coin still feature a character that looks like Kanye, complete with a variation of the glasses the bear on Kanye’s early albums wore. Well see.