Brazilian Banks Urge Early Credit Card Gambling Ban Date
The Brazilian Federation of Banks (Febraban) has expressed that it would prefer to implement the ban on using credit cards for gambling activities by players in the country earlier than the legislative date of January 1st, 2025.
Brazilian Bank Federation promotes player safety with credit card gambling ban.
LISTEN TO THIS ARTICLE:As part of the legislation, Normative Ordinance No 615, states credit card and crypto casino payments will be prohibited from the beginning of next year in Brazil. Isaac Sidney, the President of Febraban says they would like to introduce this initiative earlier so vulnerable players are protected from gambling-related harm.
From the start of next year regulated gaming operators will not be permitted to accept payments funded by credit or crypto payments. However, there is concern players will still be able to use these payment types with unlicensed gaming operators.
The Brazilian regulators state most players in the country use the PIX payment solution. This payment service is controlled through the Central Bank in the region, which means the government can instruct PIX platform to block accounts that relate to unlicensed gaming operators.
We are very concerned about how much this could compromise family income and increase default, even increasing the cost of credit.
More Regulation News
Credit Card Ban is Part of the Brazilian New Regulated Market
Earlier this year the gambling regulators outlined Brazil’s new online legislation, which is due to be implemented at the start of next year.
The Brazilian government has stated that the introduction of a new framework relating to online gambling legislation and measures like the ban on credit for gambling activities will create a safe environment for gamblers which can be regulated by gaming authorities in the region.
If any commercial bank isn’t aware they have a company or client that is using illegal sites, as soon as they receive a warning from the Central Bank they will shut down their bank account immediately, If they don’t, they’ll be subject to fines. There’s no point for any commercial bank in Brazil to allow those accounts to process Pix once they are notified.
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