Crypto on LYO: The Blend — LG Electronics Launches NFT Marketplace, Pro-crypto Official Elected as New UK Prime Minister, Cross-border Crypto Payments Approved by Bank of Russia

What happened in the crypto world in the last week? Let’s see some interesting news together!

LG Electronics Launches NFT Marketplace

LG Electronics rolled out LG Art Lab, a platform dedicated to non-fungible tokens (NFT), with the help of Hedera network. This allows users to buy, sell, and showcase NFTs on their televisions.

Artists on the platform can create their own profiles and show a preview of their upcoming work. According to Christian Hasker, CMO of Hedera-owned Swirlds Labs, NFTs will transform into something “beyond being computer-based collectibles” and become “a piece of art displayed like any other artwork would be within the house of its owner.”

Pro-crypto Official Elected as New UK Prime Minister

Secretary of State for Foreign, Commonwealth, and Development affairs Liz Truss has now been elected as the new Prime Minister of the United Kingdom.

In 2018, Truss made her stance on crypto, pushing for an anti-regulatory approach to digital assets. She said that the U.K. “should welcome cryptocurrencies in a way that doesn’t constrain their potential.” Truss also created a digital trade network in 2020 that advocates fintech firms.

While the government plans to create legislative paths to regulate stablecoins, entrepreneurs and investors await the newly-elected prime minister’s policies about the digital asset industry.

Cross-border Crypto Payments Approved by Bank of Russia

The Bank of Russia and the ministry of finance have come to an agreement to legalize cryptocurrency to be used for cross-border payments because of geopolitical changes.

According to deputy finance minister Alexei Moiseev, the Bank of Russia and the finance ministry are expected to legalize crypto for cross-border payments soon.

Moreover, Moiseev said that allowing local crypto services in Russia is important because most Russians open a crypto wallet using foreign platforms. He added that entities must be supervised by the central bank and must abide by the country’s Anti-Money Laundering procedures and Know Your Customer requirements.