00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Australia became the first country to ban social media for children under 16 on Wednesday,
00:07according to Reuters. The ban orders 10 major platforms, including TikTok, YouTube, Instagram,
00:13and Facebook, to block access or face fines of up to $33 million.
00:18Prime Minister Anthony Albanese said the law empowers families and addresses online harms
00:23such as bullying, misinformation, and damaging body image content.
00:27One million children were expected to lose access as the ban took effect,
00:31prompting teens to post farewell messages.
00:34Several countries signaled interest in studying Australia's model as a test case for stricter age gating.
00:40Companies plan to use age inference tools, selfie-based estimation, and ID checks to enforce the law.
00:45For all things money, visit Benzinga.com.
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