Australia has taken a bold step to protect its citizens from financial ruin by imposing a ban on the use of crypto and credit cards for online gambling activities. According to a report by The Canberra Times, the government of Australia has put in place regulations that prohibit the use of digital currency and credit cards on online gambling platforms. Failure to comply with these new rules could result in hefty fines of up to around 234,750 Australian dollars ($155,000).
The ban encompasses credit cards that are linked to digital wallets, as well as popular cryptocurrencies like Bitcoin (BTC) and other emerging forms of credit. This move by Australia is in line with existing laws governing traditional land-based gambling activities. However, there are a few exceptions, such as online lottery payments, which still allow the use of credit cards.
Kai Cantwell, the CEO of Responsible Wagering Australia, an organization that represents Australian-licensed gambling service providers, lauded the government’s decision, stating that it will make it easier for individuals to exercise self-control. He also urged the government to extend the ban to cover all forms of gambling, as inconsistent protection measures could lead people to seek out less regulated gambling options, putting them at greater risk of harm.
The gambling industry was given a six-month grace period to adapt to the new regulations, which officially came into effect on June 11. The country’s communications watchdog has been tasked with enforcing these restrictions.
In the realm of crypto gambling, users have been known to wager on a diverse range of events, from the latest meme coins to significant regulatory milestones like the approval of spot Bitcoin exchange-traded funds (ETFs). For instance, users on the betting platform Polymarket placed a $12 million bet on the outcome of the ETF approvals earlier this year.
Aside from the Bitcoin ETF decision in the United States, crypto enthusiasts have also placed bets on the outcome of spot Ether ETF approvals. In March, bets on the ETH ETF decision amounted to $2.4 million, with the official approval being granted on May 23.
While crypto users engage in serious betting activities, they also indulge in more light-hearted wagers, such as predicting the frequency of Elon Musk’s tweets or guessing the temperature increase in May. The use of AI in predictive analysis is also expected to lead to significant advancements in longevity research, potentially paving the way for biological immortality by 2030.