The CoinGeek Pulse Episode 89: GBC22 in Dubai, China blockchain tech updates, and luxury brands join Web3

The CoinGeek Pulse is back after a successful run of the highly anticipated BSV Global Blockchain Convention (GBC) at the Grand Hyatt Dubai last week. The three-day convention gathered blockchain leaders and digital assets experts in one event, where they were joined by more than 1,000 attendees and 100 participating businesses worldwide.

Highlighting the latest developments in the industry, GBC also focused on the technical capabilities of the BSV blockchain as a scalable, secure, and efficient public blockchain that could and would advance many projects and initiatives of governments and enterprises providing low-cost and more efficient services for consumers. Check out all the latest announcements and product launches that took place during the convention here.

Speaking of advancing states and nations through blockchain technology, China’s supreme court is pushing for blockchain integration into their judicial system. In its bid to pursue mass adoption, the Supreme People’s Court of China has released a proposal outlining how blockchain can accelerate the transformation of the local judicial system. It stated that blockchain could help promote the in-depth integrated development of the intelligent rule of law and technology. 

The proposal notes blockchain’s role in cementing judicial credibility, facilitating social governance, preventing and resolving risks, and promoting high-quality development. The judiciary’s blockchain also aims to connect with other government agencies’ blockchains, such as social services, law enforcement, and industry regulators. China’s high court plans to carry all its judicial operations onto the blockchain by 2025. 

From down under to Latin America, here are the latest industry regulatory updates. CHOICE, a consumer advocacy group, has submitted a proposed regulatory framework targeting digital currency exchanges to the Australian Treasury. The group calls on the government to provide better protection to digital assets investors from a federal level—from misleading advertising, preventing fraudulent payments, and reimbursing when it happens. CHOICE also called for a single definition of digital currency for regulations. 

In October 2021, the Senate Committee for Australia as a Technology and Financial Center released recommendations on how to regulate digital currencies in the country.

Meanwhile, in a vote of 40 to 12, the Paraguayan Congress passed a bill regulating digital currency mining, trading, and custody. The bill recommends legal and financial guarantees to individuals and organizations involved in digital currency-related functions. The legislation also imposes restrictions on electricity spending and taxation. Due to its low electricity rates and friendly tax rules, the Latin American country is positioned to be a center of digital currency mass adoption in the region. 

Web3’s getting a taste of luxury. Prada launched its Timecapsule NFT Collection with 100 gender-neutral shirts designed by artist Cassius Hirst. The shirts come with an NFT gift featuring the unique serial number of the physical item. According to media reports, those who bought the physical items of the same collection in 2019 will soon be receiving an NFT gift from the luxury brand.

Gucci is also exploring the Metaverse via the Gucci Town on Roblox. The virtual piazza offers a series of experiences, including mini-games, art exhibitions, and shopping for digital Gucci items to outfit Roblox avatars. The brand’s experimental creativity on the Metaverse will soon produce Gucci NFTs and other Web3-based wonders. 

A painting by Pierre-Auguste Renoir, the French impressionist artist in the 1900s, is now on sale with its digital twin. The painting, “Gabrielle with the mirror,” depicts Renoir’s nurse Gabrielle with a painting by his third child Coco in the background. BSV blockchain-based platform Buzzmint revealed the reserve price of $3 million for the painting and its digital twin at GBC last week. 

To rewatch the three-day convention and watch the highlights of the recent CoinGeek Bitcade in Miami, visit the CoinGeek YouTube Channel. 

Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:

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