Crypto payments gain traction in Australia as bank restrictions intensify: New survey
A growing number of Australians have embraced cryptocurrency as a payment method for purchasing goods and services in 2026 when compared to the previous year, though obstacles related to banking institutions have persisted in creating challenges for crypto adopters, a recent report from crypto exchange Independent Reserve reveals.
The research study, which surveyed 2,000 "everyday Australians," was carried out during the period spanning Jan. 12 through Jan. 30.
Results from the survey indicated that the proportion of Australian residents utilizing cryptocurrency for purchasing goods or compensating for services experienced a twofold increase, jumping from 6% to 12%. The findings led report authors to conclude that "more Aussies are viewing crypto as a practical payment method rather than just a speculative bet."
An additional 16% of respondents indicated they utilized crypto for service-related payments, including compensation for freelancing and video game purchases.
While adoption continues to expand, challenges persist, with some participants pointing to insufficient education and training opportunities, alongside technological complexity that makes usage difficult.
Banking issues on the rise
In addition to technological complexity, the survey identified banking restrictions as a major impediment. Research conducted by Binance in the previous year revealed that cryptocurrency users encountered banking obstacles when interacting with exchanges and crypto-related businesses — an issue that respondents in Independent Reserve's survey also identified as problematic.
Approximately 30% of cryptocurrency investors reported experiencing either delays or outright rejections when attempting to purchase cryptocurrency or move funds to a crypto exchange on at least one occasion, representing an increase from 19.3% in 2025.
Australian financial institutions began implementing stricter policies regarding crypto transactions around 2023, with leading banks such as Commonwealth Bank and National Australia Bank rolling out measures including delayed payment processing, transfer limits to crypto exchanges and enhanced identity verification requirements.
Survey data showed that younger cryptocurrency investors experienced more frequent issues with transaction delays compared to older age groups, while those conducting smaller-value transactions reported encountering greater levels of 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 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
According to the report, the data indicates that financial institutions have maintained their cautious stance toward cryptocurrency and appear to be adjusting their strategies by emphasizing user behavior patterns and transaction characteristics rather than simply focusing on transaction amounts, which highlights the increasingly urgent need for regulatory framework 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," they 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."
Industry leaders in the cryptocurrency sector shared with Cointelegraph during the previous month that Australia's digital asset marketplace is experiencing advancement in terms of user expansion and regulatory development, though various challenges remain that require resolution.