As an Australian, with friends who work for banks and major accounting firms - I *honestly* can't see this being approved by our government. The big banks here flag all BTC transactions as possible fraud, and ASIC (the government body that regulates companies) hasn't got many good things to say about BTC.

The problems I can see with using BTC for Credit Cards and Loans, is the differences and movement between BTC and AUD, as well as interest and taxes. Here's some scenario's which might need to be worked out.

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Our GST is at 10% - so currently, selling 1 x BTC (~$750 AUD today) - would require the company/customer to pay $75 GST - which means the total cost for the customer would be $750 + $75 = $825. Who would buy a BTC worth $750 for $825?

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Exchange rate vs income tax. Any money a person makes from BTC will need to be taxed, how are they going to tax it? Are they going to calculate your net worth from your holdings of BTC like they do with shares? If you buy 10 coins at $1000 AUD - and they jump to $20,000 AUD each around tax time - do we need to pay capital gains tax on $200,000 AUD - even though the bitcoins haven't been sold for AUD?

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Interest Rates - If someone gets a BTC credit card or loan - how do they pay the interest on that or deal with huge price increases? Same figures again, imagine we get a loan for 2 x BTC ($2000), and the price jumps from $1k to $20k - without direct access to BTC, does it mean their debt will have gone from $2k to $40k ? How does a customer obtain the ~0.01 BTC required for interest? do they need to buy BTC and pay the bank with that - or do they need to pay in AUD for the hugely inflated interest price?

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I'm no financial expert - but I can see things like this being a problem when trying to get ASIC and APRA approval