iGaming Industry
Russian economy minister says Bitcoin worse than casino gambling
Top Russian minister has justified the government’s plans to prohibit ordinary Russians from investing in Bitcoin technology by comparing Bitcoin-related investments with casino gambling.
On Tuesday, Russian Economic Development Minister Maksim Oreshkin gave a speech at the World Festival of Youth and Students in Sochi, where he warned the young pioneers of the dangers of dabbling in cryptocurrencies.
Russian state-owned media outlet RT quoted Oreshkin saying:
“As for bitcoin, if you look at how the value of this asset fluctuates, it’s dozens of percent up, then dozens of a percent down. An asset that can be available for an unqualified investor should not have such characteristics because it’s worse than casinos. First, you earn, then you will lose everything and be left with nothing. Those who do not know how to manage risks in instruments with such volatility, should not be able to invest because in 99.9 percent of cases it results in losses for such people and then they will find themselves in a difficult life situation, which is not good.”
Oreshkin isn’t wrong that Bitcoin investors face potentially damaging losses, but such risks are inherent in all investing scenarios. Kinda like the Russian casino operators whom the government encouraged to invest in the Azov-City gaming zone, only to be told a few years later that the zone would be shutting down so that new zones could open in Sochi and the Crimea, and there would be no compensation for Azov-City investors, who now stand to lose everything and be left with nothing. You know, like that.
In August, Russia announced plans to restrict Bitcoin-related investing to “qualified investors,” which the Ministry of Finance defines as having at least RUB 6m (US $105k) in an investment account, making at least 40 transactions per year with a total turnover of RUB 6m, or having two years’ experience at a financial security trading firm.
Russia’s investment restrictions were already greeted with a degree of cynicism, which only grew following news that the government plans to introduce its own blockchain-based cryptocurrency, the CryptoRuble, which will naturally be subject to strict government monitoring and taxation, just the sort of stuff that really excites the average libertarian-minded cryptocurrency fan.
The CryptoRuble plan mirrors Russia’s increasingly tight stranglehold on its citizens’ internet access. In fact, Russia’s internet is rapidly becoming a de facto intranet on par with the walled gardens on offer in neighboring China and North Korea, where seldom is heard a discouraging word about the local leadership.
Clearly, Russian President Vladimir Putin has issues with anything that isn’t under his complete control. Which got us thinking, if the CryptoRuble doesn’t pan out, maybe Putin can find common cause with the folks over at SegWit Core, who also have trouble with competing – and especially superior – ideologies.…
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Source: EEGaming.
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
SoftGamings, the market leader in iGaming solutions and services, announced the arrival of the Tobique Gaming License on the market. The move reflects the company’s commitment to enhancing regulatory compliance and expanding its footprint in the competitive iGaming industry.
Tobique Gaming, managed by the Tobique First Nation in western New Brunswick, Canada, oversees the issuance of online gambling licenses through the Tobique Gaming Commission (TGC) — a regulatory body established under the Tobique Gaming Act of 2023. This initiative is known for its stringent standards and emphasis on responsible gaming. Furthermore, it promotes economic development within the Tobique First Nation community.
The Tobique Gaming license provides operators an entry point into the online gaming and gambling industries. With it, businesses and iGaming operators can conduct operations in various global regions and offer multiple services, from betting to casino games and lottery promotions. The best of all is the streamlined application process, which lasts only 4 to 6 weeks.
SoftGamings is fully prepared to support clients and those interested in obtaining this license. Leveraging its innovative technology and diverse game portfolio, SoftGamings is ready to support clients in navigating the application process and leveraging the benefits of the Tobique Gaming License. The company’s comprehensive services include game development, casino management systems, and payment integrations, making SoftGamings a preferred partner for numerous operators and developers worldwide.
Consequently, helping the clients obtain the Tobique Gaming license and being an entry point represents a significant milestone in SoftGamings’ ongoing efforts to refine its service offerings, maintain the highest standards of gaming integrity, and bolster its regulatory standing. As the company moves forward with this licensing process, it anticipates a positive impact on its operations and continued success in delivering exceptional gaming solutions to its global clientele.
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