To prevent its citizens from wasting money they don’t have, the Australian government has imposed…
To prevent its citizens from wasting money they don’t have, the Australian government has imposed a ban on the use of cryptocurrencies and credit cards for online gambling.
On June 11, the Canberra Times reported that Australia had begun banning the use of cryptocurrencies and credit cards for online gaming platforms.
The government announced that businesses that fail to comply with the new rules could face fines of up to around A$234,750 (US$155,000).
The rules include credit cards linked to digital wallets, cryptocurrencies like Bitcoin (BTC), and other new forms of credit.
Australia bans the use of cryptocurrencies in gambling
The new online betting rules are consistent with Australian land-based gambling laws. There are exceptions, however, such as online lottery payments, which still allow credit cards.
Kay Cantwell, CEO of Responsible Wagering Australia, an independent organization of licensed gambling providers in Australia, believes the move makes it easier for people to police themselves. he said:
“This is an important measure to protect customers, making it easier for people to control their gaming behavior.”
The executive also urged the government to extend the ban to forms of gambling. Cantwell believes that if protections are not consistent across all forms of gambling, people “will turn to less regulated forms of gambling, where they are more likely to suffer harm.”
The gaming industry has already been given a six-month transition period and a total ban was imposed on June 11. The country’s communications watchdog was given the authority to impose the new restrictions.
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Cryptocurrency and gambling
Cryptocurrency users are known for betting on a wide range of things, from the latest meme to landmark regulatory decisions such as the approval of Bitcoin exchange-traded funds (ETFs). On January 11, users of the Polymarket betting platform bet $12 million on the outcome of ETF approvals.
Besides the US Bitcoin ETF spot decision, cryptocurrency users are also betting on the outcome of the Ether ETF decision. In March, bets on the ETH ETF decision reached $2.4 million. The bet was resolved when the ETF received official approval on May 23.
While cryptocurrency users make serious decisions, they also make trivial bets, like predicting how many times billionaire Elon Musk will post or guessing that the temperature will rise in May.
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