IMF-FSB Joint Paper To Form Global Crypto Rules, Difficulty Of Bitcoin Mining To Reach Record High

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Here are some of the most important developments from the crypto world in the last few days

Global crypto rules are derived from a synthesis paper jointly prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), which has officially announced India as President of the G20 group of nations.

The announcement came after three-day G20 meetings in India, where creating a global regulatory framework for crypto was announced as a priority topic.

The synthesis paper will be presented during India’s G20 presidency, which ends in September 2023, CoinDesk quoted Union Finance Minister Nirmala Sitharaman as saying.

“The World Bank has stated that the views of all developing countries should also be included in any (crypto)political framework,” Sitharaman added.

In the wake of the collapse of several major crypto companies, including FTX, and a global contagion, Reserve Bank of India (RBI) Governor Shaktikanta Das said perceptions of crypto assets have changed. Crypto assets are now widely accepted as risky, Das said.

Bitcoin Mining Difficulty Reaching All-Time High

Bitcoin mining difficulty is set to surpass 40 trillion for the first time, rising an estimated 10 percent from 39.16 trillion to 43.2 trillion.

Miners will see reduced BTC production, or about 2,016 blocks, over the next 12 days as mining has become more difficult, Binance News reported.

Mining difficulty refers to how many iterations miners have to do to get their hash. The higher the difficulty, the lower the profitability. The difficulty metric is updated every two weeks and the difficulty increases as more miners enter the Bitcoin network.

Mining difficulties have steadily increased over the past few months due to Bitcoin’s price surge.

Colombia’s Legal System Experiments in Metaverse

A Colombian court held its first trial at the Metaverse, with the court judge saying it felt “more real than a video call.”

According to a Reuters report, on Feb. 15, 2023, Colombia’s Magdalena Administrative Court held a two-hour hearing on traffic disputes at the Metaverse.

The participants acted as avatars in a virtual courtroom, with the judge dressed in black court robes. Colombia was one of the first countries in the world to test trials in the metaverse, the report said.

Cathy Hackl, author of Into the Metaverse: The Essential Guide to the Business Opportunities of the Web3 Era, said that the “physical world side” of the metaverse will arrive in 10 years and then “how we connect will be profoundly affected by the metaverse.” .