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Bitcoin closer to gambling than investing, says Bank of Canada governor

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Bitcoin closer to gambling than investing, says Bank of Canada governor

Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” 

 

Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.”

In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is not a reliable store of value and does not constitute “money.”

He added that buying the cryptocurrency “means buying risk” and urged those flocking to it to “read the fine print.”

It is a situation which has the ingredients of something that could be a significant disturbance,” Poloz said to reporters after his speech when asked about Bitcoin’s wider ramifications. “I’m hopeful that the system will treat it cautiously from here.”

Poloz’s comments come one day after the chair of the U.S. Federal Reserve Board Janet Yellen called Bitcoin a “highly speculative asset” that “doesn’t constitute legal tender.”

But on Sunday, Cboe Global Markets launched Bitcoin futures and CME Group Inc. says it plans to follow suit on Dec. 17, giving investors more ways to tap the cryptocurrency.

The price of Bitcoin has soared this year, briefly touching US$19,000 earlier this month before slipping to roughly US$16,700 on Thursday late afternoon. At the beginning of the year, one bitcoin was worth roughly US$996.

Poloz said Thursday the Bitcoin price chart “looks like the left-hand side of an Eiffel tower. You don’t see that very often.

He likened it to the tech boom and bust, roughly two decades ago.

The good news is it did not have widespread effects,” Poloz said. “It was fairly restricted to stocks in that sector, and if you got in late you lost some money, but you knew it was high risk when you got into it.

The theme of Poloz’s speech Thursday focused on three “slower-moving, nagging issues” that keep him awake at night, describing them as concerns that are a little different than the more-pressing, immediate issues. His list included high house prices and household debt, cyber threats, and the difficult job market for young people.

He also spoke about the Canadian economy overall, saying it is running at close to full tilt at a part of the economic cycle that he thinks of as “the sweet spot.”

Poloz said that while a mechanical approach to setting interest rates would suggest that higher borrowing rates should already be in place, the central bank has been focused on scrutinizing some “unusual factors” at play.

That includes encouraging signs that companies are starting to expand their capacity by investing in equipment and by hiring more people, growing wages and a sudden jump in participation by young people.

Poloz said the bank’s governing council believes there’s still more room, albeit diminishing, for the labour market to grow before it starts pushing inflation higher. That factor could be providing an offset to the upward pressure from an economy operating close to its capacity and growth forecasts above potential.

He did acknowledge, however, that the current policy setting “clearly remains quite stimulative.”

The central bank introduced two rate hikes this year due to the strong economy — once in July and again in September.

But since then, Poloz has kept the rate on hold, including at last week’s announcement. He pointed to uncertainty over trade and a greater-than-expected weakness in exports as reasons to stand firm.

Still, he continued to warn that higher interest rates will likely be required over time, even though the bank will proceed with caution by carefully assessing the incoming data.

 

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XT.COM Announces Listing of Zenex

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XT.COM has announced the listing of ZNX (Zenex), an AI-driven payment infrastructure token designed to revolutionize the $107B+ iGaming industry. The ZNX/USDT trading pair will be available in the Innovation Zone (RWA), providing traders with access to a token that brings real-world business utility, enhanced fraud protection, and verifiable revenue-sharing mechanisms to online and land-based gaming operators.

Imagine a payment ecosystem where betting operators no longer need to freeze millions in capital reserves, where players enjoy seamless transactions across continents, and where token holders benefit directly from the growing gaming industry. That’s not a future promise – it’s what Zenex delivers today.

At its core, Zenex solves the gaming industry’s biggest challenge – the massive capital reserves required by traditional payment systems. Through the innovative blockchain and AI infrastructure, gaming operators who hold ZNX can reduce their reserve requirements by up to 30%, instantly freeing up capital for growth and operations.

The Zenex ecosystem combines multiple revenue streams that directly benefit ZNX token holders:

• Operational Betting Shops: The expanding network of profitable locations across Kenya generates consistent revenue, with systematic buybacks supporting token value.

• Advanced Payment Infrastructure: Already processing millions in monthly transactions, the payment solution helps operators reduce costs while improving transaction efficiency.

• White-Label Gaming Solutions: The proprietary platform powers multiple online casinos and betting operations, generating steady transaction volume.

• Innovative Mini-Games Platform: A suite of engaging games drives player engagement and creates additional revenue streams.

• Premium Card Solution: The upcoming Zenex Card will revolutionize how players access and manage their funds across 150+ countries.

The Zenex Advantage:

• Systematic Buybacks: A portion of all gaming revenue is used to buy back ZNX tokens, creating sustainable price support.

• Token Utility: Operators holding ZNX benefit from reduced reserve requirements, creating natural demand from the $107 billion iGaming industry.

• Strategic Lock-ups: Smart contract-based locking mechanisms ensure long-term price stability.

• Community Governance: Token holders participate in key decisions about platform development and charity initiatives.

The post XT.COM Announces Listing of Zenex appeared first on Gaming and Gambling Industry in the Americas.

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Alejandro Navarro

Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform

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Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.

Opening Casino Ownership to Everyone

The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.

This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.

“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.

Direct Profit-Sharing Through Tokens

Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.

“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.

Global Growth of Online Casino Ownership

The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.

Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.

The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.

New Opportunities for Investment

Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.

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Bradley Khoury

eCOGRA Approved to Operate in Arizona, Indiana and Panama

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eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.

This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.

Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.

In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.

“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.

Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”

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