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 Gaming – iGB
iGB will be guiding you on a trip to the biggest gathering of 2024 with this new series, covering the most recent developments since the 2023 event, on the route to ICE.
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The Path to ICE 2024: The Ascent and Descent of Digital Currency
In 2023, the utilization of digital currency continued to increase, and the sector gained a deeper comprehension of its advantages and disadvantages.
Early this year, Fabio Panetta, a member of the European Central Bank’s Governing Council, proposed that regulators should oversee the trading of unsupported digital currencies under gambling regulations. Panetta cited the collapse of several digital currency schemes in 2022, arguing that these were a consequence of the flawed and dysfunctional structure of the digital currency market.
While some existing laws – such as the EU’s Markets in Crypto Assets Regulation – concentrate on regulating digital currencies, Panetta stated more needs to be done to effectively manage the industry.
In 2023, Stake.com was one of the groups to encounter digital currency difficulties. The Drake-backed company suffered multiple 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 suggested that the amount stolen was $41.3 million (£32.8 million/€38.4 million).
The Rise of Digital Currency Gaming
Although some have voiced their disapproval, a number of industry professionals have expressed their backing for digital currencies in 2023.
Joe McCallum, previously the Managing Director of Yolo Group, spoke with iGB about the company’s aim to make cryptocurrency gambling accessible to a broader range of people. This objective involves re-targeting their services to those aged 25-35, a demographic that constitutes a significant portion of the social media generation.
As the parent organization of Sportsbet.io and Bitcasino (two cryptocurrency gambling platforms), Yolo Group is strategically positioned to take advantage of the cryptocurrency opportunity in the upcoming year.
In May, the European Council enacted regulations mandating that cryptocurrency businesses secure licenses. The enactment of this legislation initiated a three-month timeframe for European national authorities to establish the necessary licensing frameworks.
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