Australia’s government has taken a bold step to protect its citizens from financial ruin by imposing a ban on the use of cryptocurrencies and credit cards for online gambling. The Canberra Times reported this groundbreaking decision on June 11, revealing that the country is cracking down on digital currency and credit card transactions in the realm of online betting.
Those who fail to adhere to these new regulations could face hefty fines of up to around 234,750 Australian dollars (equivalent to $155,000). The ban encompasses credit cards associated with digital wallets, as well as popular cryptocurrencies like Bitcoin (BTC) and other emerging forms of credit.
This move to prohibit the use of cryptocurrencies in online gambling mirrors existing laws governing traditional brick-and-mortar casinos in Australia. However, certain exceptions remain, such as the continued acceptance of credit cards for online lottery payments.
Kai Cantwell, the CEO of Responsible Wagering Australia, an organization representing licensed gambling service providers in Australia, lauded the government’s decision, stating that it provides individuals with greater self-control. Cantwell emphasized the need for consistency in implementing protective measures across all forms of gambling to prevent people from seeking out less regulated alternatives, which could pose greater risks.
The gambling industry has been granted a six-month grace period to adjust to the new restrictions, with the complete ban officially taking effect on June 11. The country’s communication authority has been tasked with enforcing these regulations to ensure compliance.
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