The Path to ICE 2024: The Ascent and Descent of Digital Currency
The Path to ICE 2024: The Ascent and Descent of Digital Currency – Digital Currency Wagering – iGB
In the countdown to ICE, iGB will be covering the latest advancements since the 2023 exhibition with this new series, preparing you for the largest event of 2024.
Home > Digital Currency Wagering > The Path to ICE 2024: The Ascent and Descent of Digital Currency
The Path to ICE 2024: The Ascent and Descent of Digital Currency
In 2023, the utilization of digital currency continued to expand, with the sector becoming increasingly cognizant of the advantages and disadvantages of digital currency.
Earlier this year, Fabio Panetta, a member of the European Central Bank’s Governing Council, suggested that regulators should oversee the trading of unsupported digital currencies under gambling regulations. Panetta pointed to the collapse of several digital currency schemes in 2022. He argued that these collapses were the consequence of a poorly structured and malfunctioning digital currency market.
While some existing laws, such as the EU’s Markets in Crypto-Assets Regulation, concentrate on regulating digital currency, Panetta stated that more needs to be accomplished to effectively manage the industry.
In 2023, Stake.com was one group that encountered difficulties with digital currency. The Drake-backed company suffered several unauthorized digital currency transfers in September. This impacted Ethereum, Polygon, and Binance Smart Chain wallets on Stake.com.
While Stake.com did not confirm the amount stolen, media reports in the digital currency community stated that the amount stolen was $41.3 million (£32.8 million/€38.4 million).
The Expansion of Digital Currency Wagering
While there’s debate about digital currencies, some industry experts have voiced their backing for it in 2023.
In a chat with iGB, Joe McCallum, then head of Yolo Group, discussed the company’s aim to expand cryptocurrency gaming to a broader audience. This involves targeting a younger demographic, specifically those aged 25-35, who are heavily engaged in social media.
As the owner of Sportsbet.io and Bitcasino, two platforms offering cryptocurrency gambling, Yolo Group is well-equipped to take advantage of the cryptocurrency trend in the upcoming year.
In May, the European Council approved rules requiring cryptocurrency businesses to obtain licenses. This legislation set a deadline for authorities across Europe. They were given a three-month window to establish the necessary licensing framework.
Sign up for the iGaming newsletter.
