Australia Bans Crypto Use for Online Gambling

The Australian government has announced a ban on using cryptocurrencies and credit cards for online gambling.

The ban, which was reported by The Canberra Times on June 11, aims to prevent individuals from spending money that they do not have on gambling activities. Non-compliance with the ban could result in fines of up to 234,750 Australian dollars ($155,000).

The banned methods of payment include credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and other forms of credit.

These new rules align with Australia’s current laws on land-based gambling, with the exception of online lottery payments, which still allow for the use of credit cards.

The CEO of Responsible Wagering Australia, Kai Cantwell, believes that this move benefits individuals by making it easier for them to maintain control over their gambling behavior.