More Australians reported using cryptocurrency to pay for goods and services in 2026 than the year before, but banking friction continues to weigh on crypto users, according to a new report by crypto exchange Independent Reserve.
The annual survey of 2,000 “everyday Australians” was conducted between Jan. 12 and Jan. 30.
It found the share of Australians using crypto to buy goods or pay for services doubled from 6% to 12%, suggesting more people see crypto as a practical payment option rather than only a speculative investment.
Among those who used crypto for purchases, 21% said they used it for online shopping, the leading real-world use case, while 16% used crypto to pay for services such as freelancing or video games.
Despite rising use, barriers persist: respondents pointed to a lack of education and training and said the technology can be too complex.
Banking issues on the rise
Beyond complexity, banking blocks were flagged as a significant obstacle. A Binance survey last year similarly found users facing banking barriers when dealing with exchanges and crypto businesses — a problem echoed by Independent Reserve’s respondents.
About 30% of investors said they had experienced delays or rejections when trying to buy cryptocurrency or transfer funds to a crypto exchange at least once, up from 19.3% in 2025.
Banking restrictions on crypto transactions in Australia tightened around 2023, when major banks including Commonwealth Bank and National Australia Bank introduced measures such as payment delays, caps on transfers to crypto exchanges and extra identity checks.
Younger investors reported more trouble with transaction delays than older counterparts, and those making smaller transfers experienced greater interference.
“For many Australians, the lack of regulation hits home when a payment to a crypto exchange is delayed or blocked, an issue that has continued to rise for another year,” the report’s authors said. “These interruptions affect both consumers and businesses, showing how cautious banks are with crypto when the rules aren’t clear.”
Clear licensing and regulation are the solution
The report suggests banks have not relaxed their stance on crypto and may be refining their approach by focusing on user behavior and transaction patterns. This underscores the growing need for regulatory clarity.
“Clear licensing and regulation can help fix this. By setting high standards for crypto operators, banks would have more confidence that transactions are legitimate,” the authors added. “For Australia’s blockchain industry, which has faced banking hurdles for over a decade, effective regulation could finally bridge the gap between exchanges and banks, giving investors and businesses more certainty and reliability.”
Crypto executives told Cointelegraph last month that Australia’s crypto market is making progress in user growth and regulatory reforms, but a range of issues remain to be resolved.
Cointelegraph is committed to independent, transparent journalism. This article was produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read the Editorial Policy at https://cointelegraph.com/editorial-policy
