Australia's Prime Minister Anthony Albanese announced a plan to ban social media use for children under 16, requiring platforms like Meta Platforms Inc,'s (NASDAQ:META) Facebook and Instagram, TikTok, X (formerly Twitter), and Snap Inc.'s (NYSE:SNAP) Snapchat to verify users' ages.
What Happened: The government will trial an age-verification system, possibly including biometrics or government ID. Social media companies must destroy any personal data used for verification, with fines of up to $32 million for non-compliance, reported Reuters.
"There will be very strong and strict privacy requirements to protect people's personal information, including an obligation to destroy information provided once age has been verified," Albanese said on Monday.
Critics, including Elon Musk, argue the bill may limit internet access for Australians. The government aims to pass the law by the end of the parliamentary year.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
