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11/06/24
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Australian Government Bans Use of Digital Currency and Credit Card for Gambling
Australian authorities have reportedly prohibited the use of credit cards and digital currency for online gambling platforms. The move is aimed at protecting people from losing their money as more gambling platforms continue to emerge.
According to a report by the Canberra Times, the government has introduced a transition period which will last for six months for the gambling industry, while the full ban becomes effective from Tuesday.
Failure to comply with the new rules may attract fines of up to 234,750 AUD. According to the Australian communications minister Michelle Rowland, the government would announce more measures to prevent gambling in the future.
“Australians should not be gambling with money they do not have. This ban builds on the significant progress to minimise gambling harm that the Albanese Government has made over the past two years, which is already benefiting thousands of vulnerable Australians,” said Ms Rowland.
In the words of the CEO of Responsible Wagering Australia Kai Cantwell, the measures are ideal to help people control their gambling actions. “‘If consumer protection measures aren’t consistent across all forms of gambling it will incentivise vulnerable Australians to move to less-regulated types of gambling, where they are more at risk of harm,” said Cantwell.
Polymarket punters gambled $12 million on the U.S. Securities and Exchange Commission approving spot Bitcoin exchange-traded funds on January 11. Punters have also gambled on the decision to approve spot Ether ETF in the United States, with bets reaching $2.4 million in March.
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