Australians can no longer use credit cards and digital currencies for online betting as part of the government’s effort to prevent people from gambling with money they don’t have.
On June 11, The Canberra Times reported that the Australian government had banned the use of digital currencies and credit cards on online gambling sites. Companies that do not follow these new rules could be fined up to about 234,750 Australian dollars (155,000 US dollars).
The ban includes credit cards linked to digital wallets and cryptocurrencies like Bitcoin. These new online betting rules are consistent with Australia’s laws on land-based gambling. However, there are exceptions, such as online lottery payments, which still permit credit card use.
Notably, some stakeholders in the country’s gambling industry are happy with the move. Kai Cantwell, CEO of Responsible Wagering Australia, praised the ban, saying it would help individuals manage their gambling habits more effectively.
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behaviour,“
Cantwell also urged the government to expand the ban to cover all gambling types. He emphasised that inconsistent protections might drive people towards less-regulated and riskier gambling options.
This move comes amid rising concerns about the misuse of cryptocurrencies in gambling. Solana’s Cypher Core contributor, known as “hoak,” recently admitted to stealing 260,000 US dollars worth of various cryptocurrencies and gambling it away.
The confession, made on May 14, 2024, came after another contributor accused Hoak of conducting 36 transactions from a wallet linked to the project. These transactions involved Ether (ETH), Bonk (BONK), Wrapped Solana (wSOL), and other cryptocurrencies from Cypher’s redemption contract.
The Australian gambling industry had a six-month transition period before the full ban became active on June 11. The country’s communications regulator is now responsible for implementing these restrictions.
Communications Minister Michelle Rowland reportedly stated that the government plans to make further announcements on gambling prevention measures.
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