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Government to back blockchain pilot

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By Reporter
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1 minute read

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

The government has emphasised its commitment to fintech in the budget by including 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 fintech products and services."