Australia Bans Cryptocurrency in Online Gambling; Bitcoin Sees Weekly Low; Fireblocks Joins Hands with Coinbase
Summary:
The Australian government has imposed a ban on the use of digital currency and credit cards for online gambling platforms, a move lauded by CEO of Responsible Wagering Australia, Kai Cantwell. Meanwhile, Bitcoin has seen a drop after U.S. Bitcoin ETFs ended their month-long inflow chain. Crypto infrastructure company Fireblocks has joined forces with Coinbase to broaden institutional access to crypto spot and derivative products.
The Australian government has launched a bold move banning the use of digital currency and credit cards for online gambling systems to safeguard its population against losing money they don't possess. The embargo, which was initiated on June 11, implicates that businesses not adhering to the newly formed rules might be penalized up to approximately 234,750 Australian dollars ($155,000).
Now, the same principle which applies to land-based gambling will be used for online betting as well, encompassing aspects like credit cards connected to digital wallets, currencies in digital form like Bitcoin (BTC), and other emerging sorts of credit. However, there are certain exclusions, for instance, online lottery contributions, where credit cards will continue to be acceptable.
Responsible Waging Australia's CEO, Kai Cantwell, lends his strong approval to the proposal, opining that it could facilitate users in better controlling their gambling activities. He further added that: "This is a significant step towards shielding consumers and enabling individuals to have a check on their own wagering behavior."
After United States Bitcoin ETFs concluded their ceaseless inflow sequence that had lasted for 19 consecutive trading days, Bitcoin witnessed a decline, marking a low for the week. Bitcoin decreased by 2.3% during the last 24 hours, taking a dip as low as $68,186 at around 3:00 am UTC on June 11. Meanwhile, the U.S. Bureau of Labor Statistics is about to disclose the May data for its inflation measurement tool, Consumer Price Index (CPI), on June 11.
Fireblocks, a crypto infrastructure provider company, has joined hands with Coinbase to make crypto spot and derivatives products more accessible for institutions. As a result, institutional investors can directly connect their Fireblocks platform to their Coinbase International Exchange account, thus enabling secure and straightforward withdrawals and deposits. Fireblocks is hopeful that this collaboration will render more enhanced management and security to exchange operations. Information for this report has been collated by Geraint Price, Sam Bourgi and Felix Ng.
Published At
6/11/2024 4:06:33 PM
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