Peter Dugas on the Benefits of Using Cryptocurrencies

People are always afraid of the things they do not know. There is some invisible phenomenon, which threatens us every time when we go to a new place or follow a new idea. Sometimes, because of this fear people do not even try to do anything to succeed.

This is the similar case with blochchains when they only appeared. Businessmen welcomed the virtual currencies as excellent technological advance while many financial regulators were less optimistic, having even warned the public that the most modern digital money is only a bubble of assets which can burst at any time.

Peter Dugas from CAPCO has noted that regulators of the USA are carefully optimistic. According to Dugas, they are careful, as there are potential risks when using these cryptocurrencies; and they are also optimistic because these other sectors of economy use it.

“They all have different opinon on blockchain. The way they look at it is from a regulatory structure and the administrative law that governs their activities. So there is no common entry way into the regulatory structure within the US that makes it a greater challenge,” Dugas told CalvinAyre.com. “One day in the near future, they are going to have to figure out how to use it because so many other sectors of the economy are using it.”

He noted that due to the financial illiteracy concerning the advantages of blockchains all these fears exist.

According to Dugas, there are no bases for regulators, businessmen and ordinary people to be afraid of blockchain usage because the banking / financial sector has been applying this technology for many years.

Dugas told that operators of casino can use blockchain for functions of treasury as this can save from 5% to 7% of transaction commissions.

Talking about sports betting, Dugas told that the blockchain is a real helper of operators who want to get more profit.

“For sports betting right now, what we are seeing is probably a future where sports betting is probably going to open up in about 50 states in the next five to 10 years,” Dugas said. “So that’s going to allow casinos to figure out ways where they can become more efficient. Engaging with players and having the process, be become more profitable to the casino, as well as to the player.”