BAN ON CRYPTO PAYMENTS FOR ONLINE BETTING
Australia has enforced a new ban on the use of credit cards and cryptocurrencies for online betting, aiming to curb gambling-related problems. As of June 11, Australians can no longer place bets using borrowed money or anonymous digital funds.
The ban covers credit cards linked to digital wallets and cryptocurrencies like Bitcoin, and it extends to any future forms of credit. These regulations align with those in place for physical casinos, clubs and hotels, where credit cards have long been prohibited.
Australia has had a burgeoning market for online casinos accepting cryptocurrencies, which were popular for their speed and anonymity. A study revealed that in 2019, 30.7% of Australian gamblers used cryptocurrencies for online gaming.
Despite these regulations, Australia remains a significant player in the cryptocurrency market. The country ranks ninth globally for crypto adoption, with 17% of the population owning digital assets, surpassing the global average of 15%. Reflecting this growing acceptance, Australia recently approved two new exchange-traded products for crypto asset investment.
Read more>>> Australian ban on credit card and crypto payments for online betting comes into force | Yogonet International
