The Australian government suggested that bitcoin and other cryptocurrencies should be treated as fiat money for the purposes of goods and service tax (GST).

The Senate Economics References Committee (SERC) released its report on Tuesday, titled Digital currency-game changer or bit player, recommending to amend the Australian Taxation Office’s (ATO) decision in August 2014 to treat digital currency as a commodity, “neither money nor a foreign currency,” and should be taxed accordingly.

The committee took the view that the current ATO treatment of bitcoin creates a double taxation effect, and results in additional burdens for companies.

“Without a doubt, the main benefit will be the confidence and certainty that removing a GST will provide to our own digital entrepreneurs, and the foreign businesses who want to set up here. The Treasury ministers need to work with the states to make the changes necessary to bring our legislation into the 21st century,” Labor Senator Sam Dastyari, also chairman of the committee, told the Australian Financial Review.