Virtual currencies will be phased-out in Australia by 2025, the government has announced.
The Australian Bureau of Statistics said in a statement on Tuesday that it will start removing virtual currencies from the tax system in 2025.
“For decades, virtual currencies have been used to circumvent existing taxation, to circumvent money laundering and to facilitate the illegal trade of goods and services,” the statement said.
“They also provide a source of anonymous payment for transactions without the need for a third party to be involved.”
The statement said there will be “significant” changes to the way money is generated, but did not give any details.
“The BIS will be looking to develop a new digital currency that would have the same value, but is less complex to use and provide a more secure and stable financial system,” the BIS said.
Bitcoin was created in 2009 by an anonymous programmer using the name Satoshi Nakamoto.
He originally wanted to create a system to exchange digital currency with bitcoins, but the project was abandoned in 2011, following the financial crisis.
The value of bitcoins has since soared to more than $1,200 per coin, and has since grown exponentially.
The rise of Bitcoin has coincided with the rise of the crypto-currency crypto-tokens.
A total of more than 70 million coins have been created and distributed worldwide, according to data from CoinMarketCap.
CoinMarketCap estimates the total value of crypto-coins is more than four times that of bitcoin.