The government of Australia has vowed to exempt digital currencies, such as bitcoin, from double taxation.

In a recently released policy statement, the Australian Government Treasury said it plans to make a country as a fintech destination first by reducing tax barriers for fintech investment, and then by curbing the existing goods-and-services tax (GST) levied on virtual currencies.

“The government recognizes that that the current treatment of digital currency under GST law means that consumers are ‘double taxed’ when using digital currency to buy anything already subject to GST,” the government said in a statement.

Currently, there are more than 600 digital currencies around the world, each “with different protocols for transaction processing and confirmation.”