Australia prohibits credit cards, crypto in online gambling

Australian authorities are taking a major step to prohibit the use of credit cards and cryptocurrencies in online betting, and operators who violate this prohibition could be fined up to $150,000.

Reports indicate that a measure has been introduced in the country’s parliament to extend the existing prohibition on the use of both credit cards and digital currencies in land-based wagering to the online sector.

The nation’s communications minister elaborated on the rationale behind this decision, stating, “People should not gamble with money they don’t have.”

The proposed legislation is exhaustive and provides authorities with the authority to prohibit any future credit-linked financial products that may emerge.

In addition, operators will only have a six-month grace period before their compliance with the prohibition will be evaluated.

In addition to conventional credit card transactions, the prohibition would include digital currencies like Bitcoin, Ethereum, and USDT, as well as the use of digital wallets.

Australia has implemented stringent measures against casinos, bars, clubs, bookmakers, and now, it appears, online wagering operations.

When senior ministers convene later this year, additional regulatory changes are anticipated to be implemented.

Original story by: Asia Gaming Brief