LG Electronics will study the prospects of blockchain and cryptocurrencies

LG Electronics will study the prospects of blockchain and cryptocurrencies

LG Electronics voted by a majority to approve a new charter at its annual shareholder meeting, the Korea Economic Daily reported Thursday, March 24.

According to a company spokesperson, LG Electronics is not considering creating its own digital currency and is only outlining long-term goals. However, the company showed interest in the NFT industry in February by partnering with blockchain platform Kakao GroundX to incorporate nonreciprocal token viewing and trading functions into some lines of its smart TVs.

In addition, the South Korean company has teamed up with the U.S. company Everym to develop blockchain-based identification standards within the W3C consortium. The system is designed to significantly improve the security of personal data and to replace international driver’s licenses and passports in the future.

Recall that a candidate loyal to digital currencies won the recent elections in South Korea. The leader of the People’s Power Party Yoon Suk-Yeol (Yoon Suk-Yeol) promised residents to raise the threshold for paying capital gains tax on income from digital currencies from $2,000 to $40,000, and to review the 2017 ban on initial coin offerings (ICO).

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Written by Renat
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