Proposed Ban On Credit Cards For Online Gaming
By sam
A visa executive described a proposed ban on the use of credit cards for online gambling as “difficult to enforce” but “technically feasible.” When addressing a house panel last thursday. The enforcement of the ban was questioned by Mark MacCarthy, a senior vice president for Visa USA Inc.. who said that merchants would simply stop coding transactions as Internet gambling to circumvent the ban. MacCarthy did acknowledge, however, that Visa could take steps to fine and eliminate merchants from their system if online gambling transactions were incorrectly coded. Rep. Bob Goodlatte, R-Va, who is currently planning to re-introduce a bill to ban online gambling this year, said that resurfacing under a new trade name would pose problems for an Internet-based gambling operation. Despite the support of Goodlatte, the proposed ban may meet the same fate as its predecessor, a similar measure that died last year in the house. Without naming Visa, Rep. Jim Leach, R-Iowa, said that he could not understand why a credit card company would object to the proposed ban, he stated on the matter “What’s at stake if we don’t, is that we massively increase bankruptcies in this country. I am astonished at the lack of interest by the financial community. Every one of them has a spectacular interest. I can’t think of a higher priority for the banking industry..”
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