Cryptocurrency Use in Australia Doubles Amid Banking Friction, New Report Finds

Sydney, Australia — March 15, 2026 — Cryptocurrency adoption in Australia has surged over the past year, with the number of Australians using digital assets to pay for goods and services doubling from 6% to 12%, according to the latest annual report from crypto exchange Independent Reserve. The findings, based on a survey of 2,000 everyday Australians conducted between January 12 and January 30, 2026, suggest that crypto is increasingly being viewed as a practical payment method rather than just a speculative investment.

Growing Use Cases: From Online Shopping to Freelancing

The report highlights a significant shift in how Australians are using cryptocurrency. Among those who used crypto for payments, 21% reported using it for online shopping, making it the most popular real-world use case. Another 16% said they used crypto to pay for services such as freelancing and video game purchases. This trend reflects a growing comfort with digital assets as a medium of exchange, particularly among younger, tech-savvy Australians.

“The data shows that crypto is no longer just a speculative bet for many Australians,” the report authors noted. “More people are seeing it as a viable way to pay for goods and services, especially in the digital economy.”

Banking Barriers Persist Despite Growing Adoption

Despite the surge in adoption, the report also highlights persistent challenges, particularly from the banking sector. Around 30% of cryptocurrency investors reported experiencing delays or rejections when trying to buy crypto or transfer funds to a crypto exchange at least once, up from 19.3% in 2025. This marks a significant increase in banking friction, which has been a longstanding issue for Australian crypto users.

The problem intensified around 2023 when major Australian banks, including Commonwealth Bank and National Australia Bank, introduced measures such as payment delays, caps on transfers to crypto exchanges, and additional identity checks. These measures have created a frustrating experience for many users, particularly those making smaller transactions or those who are younger.

“Younger investors reported more trouble with transaction delays than their older counterparts,” the report found, “and those making smaller transactions reported greater interference.”

The Need for Regulatory Clarity

The report underscores the growing need for regulatory clarity in Australia’s crypto market. “For many Australians, the lack of regulation hits home when a payment to a crypto exchange is delayed or blocked,” the authors said. “These interruptions affect both consumers and businesses, showing how cautious banks are with crypto when the rules aren’t clear.”

Experts argue that clear licensing and regulation could help bridge the gap between crypto exchanges and traditional banks. “By setting high standards for crypto operators, banks would have more confidence that transactions are legitimate,” the report suggests. “For Australia’s blockchain industry, which has faced banking hurdles for over a decade, effective regulation could finally provide investors and businesses with more certainty and reliability.”

Industry Perspective: Progress Amid Challenges

Last month, crypto executives told Cointelegraph that Australia’s crypto market is making progress in user growth and regulatory reforms, but there are still a range of issues to iron out. While the market is maturing, the persistent banking friction highlights the need for a more collaborative approach between the crypto industry and traditional financial institutions.

Looking Ahead: A Call for Action

As cryptocurrency continues to gain traction in Australia, the report calls for urgent action to address the regulatory and banking challenges that are holding back further adoption. “Clear licensing and regulation can help fix this,” the authors conclude. “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.”

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• “Australia’s blockchain industry has faced banking hurdles for over a decade”
• “More Aussies are viewing crypto as a practical payment method”
• “These interruptions affect both consumers and businesses”
• “Banks have not relaxed their posture toward crypto”
• “Younger investors reported more trouble with transaction delays”
• “Effective regulation could finally bridge the gap between exchanges and banks”

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