The topic of the usage of cryptocurrencies has been increasingly prevalent amongst a multitude of industries in recent years.
At the CasinoBeats Malta Digital event a panel of experts discussed the long term future of digital currencies and how to enhance their role within gaming and betting.
Speaking on the ‘Crypto: The Next Chapter’ panel, Brandon Debattista, Legal Counsel, MGA emphasised that accessibility needs to improve to ensure that the use of cryptocurrencies can be taught easily to a variety of users.
Debattista stated: “From my opinion from a conceptual point of view I think that one thing that needs to be improved upon is the accessibility of cryptocurrencies.”
“If you compare crypto to traditional fiat currencies, in most cases when a person wants to buy something all the person needs to do is choose what to buy and pay. However, this is not always the case for crypto-based solutions where the user might be required to have a certain level of technological knowledge. The overall user experience must become more user friendly and seamless.”
GTG Advocates’ managing partner Ian Gauci agreed with Debattista’s statement, however, he added that along with ease of accessibility, Cryptocurrencies needs to become more legitimate in order to grow and develop further.
“For you to have that accessibility and widespread use, given the inherent problems with certain crypto projects, you need to give legitimacy,” Gauci said. “So, legitimacy you need to regulate. Not hardcore regulation nessarily because when you regulate you need to have a scope for regulation.”
“At the American level, sometimes we see two steps ahead but then a week goes and we go back six spaces, and it’s very fragmented, sometimes they don’t even agree which authorities should be taking care of cryptocurrencies.
“We are anticipating that the European Communism at a European level will come up with a legislative framework on cryptocurrencies, so I would say that the indications are that in the fourcoming two, three years we are going to have a more harmonised approach and more widespread use.”
The discussion then switched over the implication of cryptocurrencies and how beneficial it is to certain industries. Considering CasinoBeats Malta Digital is a premier iGaming and casino event the topic turned towards how blockchain can benefit the gaming sector.
Matthew Dickson,CEO, Bitboss explained:“We found that there are massive benefits if you find the right blockchain, we can process translation for a thousandth of a US dollar. We can process transactions instantaneously as fast as a server could at scale but it did take quite a bit of time to stumble across the right blockchain that did that for us.
“There’s several hundred billion dollars of cryptocurrencies out there right now, it’s a wonderful funding mechanism. I think as operators really start to see this takeoff your going to see more and more adoption. It will be painful at times, but it’ll also be widely exciting at times.
“If you target the right countries and target the right cryptocurrencies inside those countries it can actually be a huge marketing opportunity as well.”
Debattista added: “I predict that cryptocurrencies will play a major role in future global economies and as this takes place I think it will play a significant role in where the gaming industry is concerned.
“In my opinion this is very relevant to esports, which has seen a remarkable growth in recent years especially where innovation is concerned. I think that its target audience and tech orientated stakeholders make the industry very ripe for possible blockchain implementation, which in turn would pave the way for further crypto-based payments.”
The panel, which was moderated by Genia Gurevitz, Tal Ron, Drihem & Co, also discussed topics such as, the importance of cybersecurity, education and the possibility of cryptocurrencies challenging fiat money. Throughout the dialogue, all the panellists provided their own experiences and expertise during the session whilst also providing tips for people interested in the sector.
CasinoBeats Malta Digital, delivered in association with Gaming Malta, takes place from 30 June to 2 July 2020 and features 40 virtual exhibitors, numerous networking opportunities, 130 leading speakers, and countless business opportunities for 3,000 senior decision-makers from operators, suppliers, affiliates and other industry stakeholders.
Alongside the exhibition, networking and conference, all delegates also gain access to the full range of entertainment on offer, including free-play slots, daily competitions and a selection of prizes such as iPads and cash.Find full details of CasinoBeats Malta Digital, including information about how to register and the discounts available on company group passes, at the event’s official website: https://sbcevents.com/casinobeats-malta-digital/