Juan Garcia had a recent interview regarding gambling, casino operators, and blockchain. He believes there is a way for using the blockchain potential without it being an issue with regulators.
Blockchain is becoming a more popular technology. For many of the older generations, it is still difficult to think that currency could become completely electronic and global, without the need for paper or metal. The idea of blockchain continues to confuse those who have not explored what it is or how it works. More industries are beginning to accept what the blockchain technology can offer in the way of cryptocurrencies.
Blockchains help form Bitcoin and other cryptocurrencies by acting as a backbone. Governments can look at the public and transparent currency or even access public registries that are on blockchains. It is all due to the transparent and tamper-proof nature that these chains can create.
DGOJ Director Juan Garcia or Spain’s director General Ordenacion del Juego believes blockchain can be used to its full potential, and that there should be regulators doing the checks and balances for operators.
Garcia feels there are advantages to blockchain as a payment system and in other forms. Operators need to think of these advantages not only for their companies but also for the consumers using the blockchains.
Promising Technology of Blockchains
Garcia believes blockchain platforms can be of use; however, he understands why many regulators are hesitant to accept the technology. An operator needs to use the technology legally, but already there are some issues with going around the laws. People have thought there is a way to get around the operator for illegal purposes. Garcia does not want this to happen or be the mark that ends blockchain.
He is going to wait to see what happens as the technology becomes more promising and hopes that regulators will continue to work with operators to ensure legal means are being followed.
Garcia sees a demand for blockchain and cryptocurrencies on online gambling sites. He has yet to see a demand for it through other operators, but it is beginning to increase in the gambling industry. Operators, at least in Spain are not demanding to add blockchain yet; however, time may change things and if that happens Garcia will need to revisit whether or not to add regulations for blockchain when it comes to gambling and other payment sites. For now, things are going to remain the same and Garcia will remain open to potential changes and the promising technology.