More Australians are using cryptocurrency for everyday purchases even as banking restrictions make access harder. A survey by crypto exchange Independent Reserve, conducted from Jan. 12 to Jan. 30 and polling 2,000 everyday Australians, found the proportion of people paying with crypto doubled to 12% in 2026 from 6% the year before. The report also found roughly one in three Australians now own cryptocurrencies, and many are exploring practical uses beyond speculation.
Online shopping was the top reported use, accounting for nearly 21% of crypto payments. Freelance payments and video game purchases each made up around 16% of crypto spending, indicating growing demand for real-world utility among holders.
Banking barriers remain a key friction point. Almost 30% of respondents said their bank had blocked or delayed at least one payment to a crypto exchange, up from 19.3% in 2025. Major banks such as Commonwealth Bank and National Australia Bank have tightened controls on crypto-related transactions, introducing measures like payment delays, transfer caps and additional identity checks. The survey noted that when a payment to an exchange is held up, it crystallises the broader problem of regulatory uncertainty for many Australians, and suggested that clearer licensing and rules could reduce those disruptions.
On the regulatory front, Australia still trails several peers in putting comprehensive crypto legislation in place. Federal work so far has focused on token mapping and public consultation, while Treasury continues to develop a proposed regulatory framework for digital asset service providers. Meanwhile, the Senate Economics Legislation Committee is reviewing a bill that would bring crypto exchanges and tokenization platforms under the existing financial services regime, a move that could reshape how the sector operates if passed.
In short, consumer adoption of crypto for everyday payments is accelerating in Australia, but banking-imposed obstacles and an evolving regulatory picture are shaping how quickly and smoothly that shift can continue.