FameEX Afternoon Crypto News Recap | April 7, 2023

India's Government Addresses Inquiries on Crypto Legalization and Combatting Fraud
https://www.fameex.com/en-US/news/crypto-trending-news-2023040703
India's Minister of Information Technology, Rajeev Chandrasekhar, has announced that India will continue with its cautious approach towards digital currencies, as reported by the Economic Times. The government has taken a slow and steady approach towards digital currencies, with the Reserve Bank of India (RBI) maintaining a careful stance towards their regulation.

BIS Supports Central Bankers in Tracking Digital Currency Data Through New Project
The Bank for International Settlements (BIS) has announced its plan to create open-source data projects to track the macroeconomic implications of digital currencies and decentralized finance (DeFi). In collaboration with Deutsche Bundesbank and De Nederlandsche Bank (DNB), the project, called Project Atlas, aims to offer new perspectives on digital currencies. The existing on-chain data deals primarily with price action, but the project seeks to provide more data on the large-scale impact of DeFi on financial stability.

Russia Takes Second Place in Cryptocurrency Mining for the First Time
According to data from BitRiver, the United States retains its position as the world's top cryptocurrency mining country with a mining capacity of 3-4 GW, while Russia comes in second with a mining capacity of 1 GW. The top 10 mining countries also include the Persian Gulf, Canada, Malaysia, Argentina, Iceland, Paraguay, Kazakhstan, and Ireland, with varying levels of mining capacity ranging from 700 MW down to 90 MW.

Bitcoin Difficulty Reaches Record High for Fourth Consecutive Time
Bitcoin's difficulty increased by 2.23% at block height 784,224 on April 6, 2023, reaching an all-time high. This marks the fourth consecutive difficulty increase since February 24, 2023, and brings the current difficulty to 47.89 trillion, just 2.11 trillion away from reaching the 50 trillion range.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.