Australians are increasingly using cryptocurrency for day-to-day payments, even as banking restrictions continue to hamper access to the ecosystem.
Summary
- Crypto payments in Australia doubled to 12% in 2026 as more users turn to digital assets for everyday spending, led by online shopping and service payments.
- Nearly 30% of investors reported bank delays or blocks when transferring funds to crypto exchanges, up from 19.3% in 2025.
A recent survey by crypto exchange Independent Reserve, which polled 2,000 “everyday Australians” between Jan. 12 and Jan. 30, found that the share of users paying with crypto has doubled from 6% to 12% compared to the previous year.
According to the report, one in three Australians now own cryptocurrencies in 2026 and are viewing digital assets as more than just a speculative investment, with growing interest in real-world utility.
Nearly 21% of respondents reported using crypto for online shopping, making it the leading use case. It was followed by other applications such as freelancing payments and video game purchases, which accounted for 16%.
However, even as demand continues to build, banking-related issues remain a persistent challenge for users trying to access crypto services.
Among the respondents, nearly 30% said their bank had blocked or delayed a payment to a crypto exchange at least once. That figure marks a notable increase from 19.3% reported in 2025.
Such delays stem from tighter banking controls introduced in recent years, when several major institutions such as Commonwealth Bank and National Australia Bank rolled out 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, an issue that has continued to rise for another year,” the report said, adding that “clear licensing and regulation can help fix this.”
Australian regulators are still undecided
Australia is still lagging behind other major economies in establishing formal legislation to effectively regulate the crypto sector.
So far, the federal government has primarily focused on a token mapping exercise and public consultations, while the Treasury continues to refine its proposed framework for digital asset service providers.
Earlier this week, Australia’s Senate Economics Legislation Committee said it was considering a new bill that would require crypto exchanges and tokenization platforms to operate under the country’s existing financial services framework.