Elon

Elon Musk

The Australian government has passed a ban on payments with credit cards and digital assets for online betting platforms. This measure is taken to prevent citizens from spending money they do not have on gambling. Australia takes big step against gambling 
The ban is part of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023. Introduced last September, the bill amends the Interactive Gambling Act 2001. After passing the House of Representatives in November and the Senate shortly after that.&nbsp;
The new rules prohibit online gambling platforms in Australia from accepting <a href="https://news.todayq.com/south-korea-considers-credit-card-limits-for-crypto-transactions/" rel="noopener noreferrer nofollow">credit card payments</a>. It includes those linked to digital wallets and cryptos like Bitcoin and Ethereum.&nbsp;
Crypto users are known for gambling on various outcomes, from meme coins to regulatory decisions like the approval of spot Bitcoin exchange-traded funds (ETFs).&nbsp;
For instance, on January 11, users of the betting platform Polymarket bet $12 million on the outcome of ETF approvals. Similar bets have been made on decisions regarding Ether ETFs, with bets reaching $2.4 million in March and resolving with the ETF’s approval on May 23.
Despite these serious bets, crypto users also engage in more interesting bets, such as predicting the number of tweets by billionaire Elon Musk or the temperature changes in a given month.
The crypto market recorded a drop of more than 3% in the last 24 hours. The cumulative market cap stands at $2.45 trillion. Its 24 hour trading volume is up by 51% to stand at $83.8 billion. Why is this happening? 
Amanda Rishworth, Australia’s Minister for Social Services, highlighted the government’s commitment to reducing harm from online wagering. “Our ban on credit cards will help with this goal. You can’t use your credit card to place a bet for land-based gambling. Now the same rules apply for online gambling,” she stated.
Licensed online gambling platforms were given a six-month transition period to comply with the new rules. Non-compliance now attracts a civil penalty of up to AU$234,750. The Australian Communications and Media Authority (ACMA) is empowered to enforce these penalties.
This ban follows the government’s introduction of mandatory pre-verification for all online gambling platform customers. The traditional “Gamble Responsibly” message on wagering advertisements has also been replaced with evidence-based taglines.
Moreover, the government launched the BetStop initiative, a national self-exclusion register, which has seen over 22,000 Australians self-exclude from online wagering and promotions since its launch last August.

Australia blocks Crypto and credit cards for gambling

Todayq News

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