Australia has implemented a ban on the usage of digital currencies and credit cards for online gambling to safeguard its population from financial harm. Effective June 11, the new regulations align online gambling practices with those for land-based counterparts while permitting credit card transactions for online lottery purchases.
Purpose of the Ban
The ban's core objective is to deter Australians from engaging in gambling activities with borrowed funds. By restricting the availability of credit and digital currencies, the government aims to empower individuals in managing their gambling habits more effectively.
Kai Cantwell, the CEO of Responsible Wagering Australia, stressed the significance of this initiative in ensuring consumer protection. He also advocated for extending the ban to cover all forms of gambling to prevent at-risk individuals from transitioning to less regulated gambling avenues.
Consequences of Non-Compliance
Businesses that fail to adhere to the new regulations risk facing substantial penalties. The Australian government has authorized fines of up to approximately 234,750 Australian dollars ($155,000) for violations. To enforce these restrictions rigorously, the country's communications watchdog has been granted enhanced authority, underscoring the commitment to strict enforcement.
