Australians are increasingly turning to cryptocurrency for everyday transactions, even as ongoing banking restrictions continue to limit access to the ecosystem.
Summary
Crypto payments in Australia have doubled to 12% in 2026, with more users relying on digital assets for daily spending—particularly online shopping and service payments.
Nearly 30% of investors reported experiencing delays or blocks from banks when transferring funds to crypto exchanges, up from 19.3% in 2025.
A recent survey by Independent Reserve, which polled 2,000 Australians between Jan. 12 and Jan. 30, found that the share of people using crypto for payments has risen sharply from 6% last year to 12% in 2026.
The findings also revealed that one in three Australians now own cryptocurrencies, signaling a shift in perception—from viewing digital assets purely as speculative investments to recognizing their real-world utility.
Online shopping emerged as the most common use case, with 21% of respondents using crypto for purchases. This was followed by applications such as freelancing payments and gaming-related transactions, which accounted for 16%.
Despite this growing adoption, banking-related hurdles remain a significant obstacle. Around 30% of respondents said their bank had blocked or delayed a transfer to a crypto exchange at least once—a notable increase from the previous year.
These issues are largely due to stricter controls introduced by major financial institutions like Commonwealth Bank and National Australia Bank, including payment delays, transfer limits, and additional identity checks for crypto-related transactions.
The report noted that such experiences highlight the need for clearer regulation, stating that proper licensing frameworks could help resolve many of these challenges.
Regulatory outlook
Australia continues to trail other major economies in establishing comprehensive crypto regulations. So far, the government has focused on initiatives like token mapping and public consultations, while the Treasury works on refining a regulatory framework for digital asset service providers.
Recently, the Senate Economics Legislation Committee indicated it is reviewing a proposal that would bring crypto exchanges and tokenization platforms under existing financial services laws.
Overall, while crypto usage for payments is rising steadily, regulatory uncertainty and banking friction continue to hold back broader adoption.
