Global crypto rules will be derived from a synthesis paper jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India has officially announced as President of the G20 group of nations.
The announcement came after three days of G20 meetings in India, in which creating a global regulatory framework for crypto was announced as a priority issue.
The synthesis paper will be submitted during India’s G20 Presidency that ends in September 2023, CoinDesk quoted Union Minister of Finance Nirmala Sitharaman as saying.
“The World Bank has stated that views of all developing countries should also be included in any (crypto) policy framework,” Sitharaman added.
As a result of the collapse of several major crypto companies, including FTX, and a global contagion, Reserve Bank of India (RBI) Governor Shaktikanta Das has said that perceptions around crypto assets had changed. Crypto assets are now widely accepted as risky, Das has said.
Bitcoin Mining Difficulty To Reach All-Time High
The difficulty of mining Bitcoin is set to exceed the 40 trillion mark for the first time, rising by an estimated 10 per cent from 39.16 trillion to 43.2 trillion.
Miners will receive reduced BTC production in the next 12 days, or approximately 2,016 blocks, due to the increased difficulty in mining, Binance News reported.
Mining difficulty refers to how many iterations miners must perform to obtain its hash. Higher the difficulty, the lesser is the profitability. The difficulty metric is updated every two weeks, and difficulty is increased when more miners enter the Bitcoin network.
Mining difficulty has been climbing steadily over the past few months due to the price resurgence of Bitcoin.
Colombia’s Legal System Experiments In Metaverse
A Colombian court held its first legal trial in the metaverse, with the court magistrate saying it felt “more real than a video call.”
A Reuters report said that the Magdalena Administrative Court of Colombia held a two-hour hearing of traffic dispute case in the metaverse on February 15, 2023.
The participants appeared as avatars in a virtual courtroom, with the magistrate dressed in black legal robes. Columbia became one of the first countries in the world to test legal proceedings 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 socialise will be profoundly affected by the metaverse”.
