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Budget includes plan to boost fintech industry

The federal budget includes a number of initiatives to support technology as part of the Coalition's plan for a "strong and vibrant" fintech industry.

The government has committed $200,000 in this budget to promote Australia internationally as a fintech destination and to highlight commercial opportunities. 

It also included a study and pilot test of blockchain technology by the CSIRO's Data61.

"We will also introduce changes to the GST to ensure that consumers are no longer double taxed when using digital currencies such as Bitcoin," said the government.

"ASIC will also release a consultation paper in the coming weeks on a regulatory sandbox exemption to facilitate the testing of new finte4ch products and services," it said.

The government has also released a discussion paper seeking public submissions on options to address the "double taxation" of digital currencies under the GST regime. 

"This moves us a step closer to delivering this important change that will ensure that consumers are no longer 'double taxed' when using digital currencies such as BitCoin to buy goods and services already subject to GST," the government said.