It’s all about the money on today’s episode of iGaming Daily, supported by Optimove.
In the first half of the show, host Joe Streeter, CasinoBeats and SlotBeats editor, is joined by Payment Expert and Inside Sport editor, Ted Orme-Claye, to discuss the latest news in the payments industry.
Then, after the break, Business Journalist Kieran O’Connor and Senior Journalist Callum Williams speak to Joe from the Money 20/20 conference floor in Amsterdam about a productive first day at the event and what they have learnt from the panels they attended.
FIT21
Joe and Ted start the episode by discussing the latest on the US’s Financial Innovation and Technology for the 21st Century Act (FIT21) cryptocurrency bill. Ted explains how the bill, which is designed to establish a regulatory framework for digital assets, could hinge on the result of the upcoming US presidential election.
FIT21 was passed by the House of Representatives at the end of May however it was vetoed by Joe Biden, a vocal opponent of cryptocurrency. However, Biden’s opponent in the election Donald Trump has recently reiterated his support for private crypto investors and claimed that he will “stop Joe Biden’s crusade to crush crypto”.
Santander and Ticketmaster data breaches
Next on the agenda is the recent data breaches at Santander and Ticketmaster orchestrated by the ShinyHunters computer hacker group.
The pair discuss what this means for the iGaming industry and how operators should take the news as a warning to increase vigilance around data and the threat of fraud.
Ted said: “ I think it’s just really important for operators to keep a look on what is going on in other sectors, particularly with regards in this case to security. online gambling companies in particular have huge customer bases. They have access to a lot of customer data, including payment information. It’s very important that you protect this in order to maintain that very essential customer trust.”
Money 20/20
After a short break, attention turns to Amsterdam where Callum and Kieran are currently attending the Money 20/20 payments conference.
Live from the event floor, the pair discuss a busy first day and what they have learnt from the panels that they have attended.
A talking point for both of the boys is central bank digital currency (CBDC). Kieran explains how speakers at a panel on the topic managed to win over the crowd after an attendee claimed CBDCs are pointless.
“They weren’t trying to big CBDCs up as going take over from cash and as the next new thing everyone needs to adopt,” said Kieran. “The people on the panel were technicians.So they were sort of talking about how there’s a lot of work to be done on the regulation side, but also the technical side, under sort of document possibilities, rather than forcing it on people.”
Callum also recalls a conversation he had with the UK CEO of Payabl, Sean Forward, about CBDCs and they both agreed that it will probably take another five to ten years for the Bank of England to agree upon CBDCs.
