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<ul><li>The ban aims to prevent Australians from gambling with borrowed money, promoting safer gambling behaviors.</li><li>Non-compliance with new rules could result in fines up to AU$234,750 ($155,000).</li><li>The ban excludes online lottery credit card payments, maintaining access to this gambling option.</li></ul>Australia has <a href="https://www.canberratimes.com.au/story/8658312/credit-cards-crypto-banned-for-online-gambling/" rel="noopener noreferrer nofollow">prohibited</a> the use of digital currencies and credit cards for online gambling to protect its citizens from financial harm. The new regulations, effective June 11, align online gambling rules with those for land-based gambling but still allow credit card payments for online lottery transactions.Key Vision of the BanThe primary vision behind this regulatory change is to prevent Australians from gambling with money they do not have. By restricting the use of credit and digital currencies, the government aims to make it easier for individuals to control their gambling behaviors.Kai Cantwell, CEO of Responsible Wagering Australia, emphasized the importance of this measure for consumer protection. He also urged the government to extend the ban to all forms of gambling to prevent vulnerable individuals from shifting to less regulated gambling optionsPenalty for Non-ComplianceCompanies that fail to comply with these new rules face substantial penalties. The Australian government has set fines up to approximately 234,750 Australian dollars ($155,000) for violations. The country&#39;s communications watchdog has been given expanded powers to enforce these restrictions, ensuring stringent adherence to the new regulations.<a href="https://cryptotale.org/australia-bans-crypto-and-credit-cards-for-online-gambling/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Australia Bans Crypto and Credit Cards for Online Gambling

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