Is Australia ready for Bitcoin as a regular currency?

Governments and countries have been taking different approaches to Bitcoin, with some countries like the UK taking a relatively open stance. Just recently, Australia also showed its willingness to accept Bitcoin as a regular currency. Based on a review by the Senate Economics Committee, it concluded that Bitcoin should be treated like other currencies when calculating Goods and Services Tax (GST).

 
Contrary to the earlier statement of the Australian Taxation Office (ATO), Bitcoin is "neither money nor foreign exchange." Many cryptocurrency startups have expressed opposition, and some have tried to transfer operations overseas to deal with it.
 
Bitcoin in Australia

“Without a doubt, the main benefit will be the confidence and certainty that removing the sales tax will benefit both our own entrepreneurs and those foreigners who want to set up companies here,” explained Labor Senator Dastyari. “Most importantly, it will send a message to local tech entrepreneurs that their government is listening to them, which in itself is a major step forward.”

So far, the review has received a response from Ripple Labs, a group of 48 other groups and individuals that share knowledge and related products about cryptocurrencies. "Harmonizing global standards for electronic currencies can provide clarity for technologists and even competition and for businesses to innovate using digital currencies," Ripple wrote.

The final review findings will be submitted to the Australian Senate by August 10, and like many Bitcoin enthusiasts, they hope this will establish a positive relationship between government and innovation.