More Australians reported using cryptocurrencies to pay for goods and services in 2026 compared to the previous year, but banking frictions continue to weigh on cryptocurrency users, according to a up-to-date report from cryptocurrency exchange Independent Reserve.
The annual survey of 2,000 “everyday Australians” was conducted between January 12 and 30.
It found that the percentage of Australians using cryptocurrencies to buy goods or pay for services has doubled from 6% to 12%, with the report suggesting that “more Australians see cryptocurrencies as a practical payment method, rather than just a speculative bet.”
Among respondents who used cryptocurrencies to purchase goods and services, 21% reported using cryptocurrencies for online purchases, making it the leading real-world operate case.
Another 16% said they operate cryptocurrencies to pay for services such as freelancing and video game purchases.
Despite its growing operate, barriers remain, with some citing a lack of education and training and the technology being too complicated to operate.
Growing problems with banking
In addition to complexity, blockchains were cited as a significant obstacle. A Binance survey from last year found that users faced banking barriers when interacting with exchanges and cryptocurrency companies – an issue also noted by Independent Reserve survey respondents.
About 30% of investors said they had experienced delays or denials at least once when trying to purchase cryptocurrency or transfer funds to a cryptocurrency exchange, up from 19.3% in 2025.
Banking restrictions on cryptocurrency transactions in Australia tightened around 2023 when major banks, including Commonwealth Bank and National Australia Bank, introduced measures such as payment delays, restrictions on transfers to cryptocurrency exchanges and additional identity checks.
Younger investors reported more problems with transaction delays than their older counterparts, and those making smaller trades reported greater disruptions.
“For many Australians, the lack of regulation hits home when a payment to a cryptocurrency exchange is delayed or blocked, and this problem has been growing for another year,” the report authors said.
“These disruptions are impacting both consumers and businesses, showing how cautious banks are about cryptocurrencies when the rules are unclear.”
The solution is clear licensing and regulation
The report said the findings suggest that banks have not softened their stance on cryptocurrencies and may refine their approach by focusing on user behavior and transaction patterns rather than transaction volume, highlighting the growing need for regulatory transparency.
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“Clear licensing and regulations can help solve this problem. By setting high standards for cryptocurrency operators, banks would have greater confidence that transactions are legal,” they added.
“For Australia’s blockchain industry, which has struggled with banking-related headwinds for over a decade, effective regulation can finally bridge the gap between exchanges and banks, providing investors and businesses with greater certainty and reliability.”
Last month, Crypto executives told Cointelegraph that the Australian cryptocurrency market was making progress on user growth and regulatory reforms, but there were still a number of issues to address.
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