US banks await Internet betting ban

The costs of policing a new US Internet gambling ban for banks and credit card companies will be determined by regulators in the coming months, industry officials, quoted by a Reuters report said.

The Reuters report said government officials are expected to propose a 'coding-and-blocking' system that will identify and stop payment to online gambling sites, according to experts.

Many banks and credit card companies already voluntarily block Internet gambling transactions using such a system, the Reuters report said.

The Treasury Department and Federal Reserve Board have nine months to draft regulations after the new law, included in a package of port security measures passed by Congress and expected to be signed into law by President George W. Bush, the Reuters report said.

Banks and credit card companies are optimistic that officials will prepare a workable system, the report further said.

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