Australia Bans Use of Cryptocurrencies for Gambling

Australian authorities have imposed strict restrictions on online casinos, banning the use of cryptocurrencies and credit cards for gambling, according to local media reports. The new rules apply to all types of gambling conducted on the Internet and apply to all citizens of the country.

"Australians are now banned from betting online using credit cards and digital currencies such as Bitcoin as the government tries to stop them from gambling," the statement said.

Companies that fail to comply with the new rules risk facing severe fines. Violation of the established restrictions is subject to a fine of up to $155,000. This measure is designed to increase the responsibility of gambling operators and prevent possible abuses.

Responsible Wagering Australia (RWA) chief executive Kai Cantwell expressed support for the new rules and stressed the need for them to be extended to all types of gambling.

“Unless consumer protection measures are consistent across all forms of gambling, this will encourage some people to switch to other services,” Cantwell said.

Some experts believe the new restrictions could have a significant impact on the Australian gambling market. The CEO of the MyPrize cryptocurrency casino, Zach Bruch, previously predicted the attraction of millions of users to Web3 thanks to cryptogambling. However, with the introduction of new rules, these plans may be revised.

The ban on the use of cryptocurrencies for gambling in Australia is part of the government's wider strategy to ensure consumer safety and protection. The introduction of strict measures and significant fines should help reduce the number of abuses and improve control over the activities of online casinos. At the same time, these changes can have a significant impact on the gambling industry, stimulating it to adapt and find new solutions within the legal framework.