Australians are increasingly using cryptocurrency for everyday payments even as banking restrictions continue to complicate access to the sector.
A survey by crypto exchange Independent Reserve, which polled 2,000 “everyday Australians” between Jan. 12 and Jan. 30, found the share of users paying with crypto doubled to 12% in 2026 from 6% the previous year. The report also found one in three Australians now own cryptocurrencies and are showing growing interest in real‑world utility beyond speculation.
Use cases led by online shopping accounted for nearly 21% of crypto payments, followed by freelancing payments and video game purchases at about 16%.
Banking barriers persist
Despite rising demand, banking-related problems remain a significant hurdle. Nearly 30% of respondents said their bank had blocked or delayed a payment to a crypto exchange at least once, up from 19.3% in 2025. These delays reflect tighter controls introduced by major institutions such as Commonwealth Bank and National Australia Bank, which have implemented measures including payment delays, transfer caps and additional identity checks for crypto-related transactions.
“For many Australians, the lack of regulation hits home when a payment to a crypto exchange is delayed or blocked,” the report said, adding that clear licensing and regulation could help address the issue.
Regulatory landscape
Australia has lagged other major economies in enacting formal legislation for the crypto sector. So far, federal efforts have focused on a token mapping exercise and public consultations, while Treasury continues to refine a proposed framework for digital asset service providers. Australia’s Senate Economics Legislation Committee is considering a bill that would bring crypto exchanges and tokenization platforms under the country’s existing financial services framework.