To ensure the Australian Fintech industry remains globally competitive, and driven by the findings of the Senate Economics Committee, the Australian Government announced that from 1 July 2017, digital currency (also commonly known as cryptocurrency) will be treated like money for GST purposes. Currently, consumers who use digital currencies may effectively bear GST twice: once on the purchase of the digital currency and again on its use in exchange for other goods and services subject to GST. However, the above changes are aimed at resolving this anomaly. On 29 June 2017, the Australian Government released an exposure draft of the Treasury Laws Amendment (2017 Measures No. #) Bill 2017 (Bill). If passed, the Bill will amend the A New Tax System (Goods and Services Tax) Act 1999 (Act) so that digital currencies (such as Bitcoin) will no longer be subject to 'double taxation'. The Bill proposes that digital currency be treated in the same way as money for GST purposes from 1 July 2017. The proposed changes are currently undergoing a period of consultation with industry. The Government hopes the reform will stimulate technological innovation by making it easier for start-ups and innovative businesses that utilise digital currencies to operate in Australia. The Government's press release is available here. A copy of the Bill is available here.