Crypto and Credit Cards Banned
To protect Australians from financial losses, the government has banned the use of cryptocurrencies and credit cards for online gambling. This ban took effect on Monday, giving gambling companies six months to comply. Non-compliant companies face fines of up to $150,000.
Affected Forms of Payment
The ban applies to:
- Cryptocurrencies (e.g., Bitcoin)
- Credit cards linked to digital wallets
- Any new forms of credit
Exceptions
Online lottery payments using credit cards are still allowed.
Rationale for the Ban
The government believes this ban will prevent Australians from gambling away money they don’t have and reduce the harm caused by problem gambling.
Problem Gambling in Australia
Gambling is a popular pastime in Australia, with 80% of adults participating in 2007. Problem gambling is a significant issue, with an estimated $25 billion lost annually.
Crypto and Gambling
Cryptocurrency use in gambling is not a new issue. Some studies suggest that people at risk of problem gambling may view crypto investments as a form of gambling and experience similar harms. However, it’s important to note that cryptocurrencies are not the cause of gambling addiction.
