The Australian government has implemented a ban on using cryptocurrency and credit cards for online gambling platforms in a move to curb potential financial problems for gamblers. On June 11, The Canberra Times reported that Australia started banning the usage of digital currency and credit cards on online gambling services.
The ban encompasses a wide range of digital payment methods. This includes credit cards themselves, credit card-linked digital wallets, and various cryptocurrencies like Bitcoin. The Australian Communications and Media Authority (ACMA) is responsible for enforcing these restrictions, with hefty fines of up to AU$234,750 (around $155,000) imposed on non-compliant online gambling companies.
This crackdown stems from concerns about the ease of access to online gambling platforms and the potential for impulsive spending. By eliminating credit and crypto transactions, the government hopes to make online gambling a more deliberate activity, requiring users to transfer funds beforehand. This could lead to more responsible gambling habits.
While the ban targets online platforms, traditional lottery services will still allow credit card payments. This distinction highlights the government’s focus on the potentially risky nature of online gambling compared to lotteries.
The new regulations have been met with mixed reactions. Some supporters believe it’s a necessary step to address problem gambling, while others argue it restricts individual choice and may push gamblers towards unregulated platforms.
Overall, Australia’s ban on credit cards and cryptocurrency for online gambling signifies a stricter approach to regulating the industry. It remains to be seen how effective this strategy will be in curbing gambling addiction and its long-term impact on the online gambling market in the country.
