A new survey reveals that cryptocurrency adoption for everyday payments in Australia has doubled in the past year, even as banking hurdles become more pronounced. The 2026 Independent Reserve Cryptocurrency Index, based on a poll of over 2,000 Australians conducted between January 12 and January 30, shows the share of users paying with crypto jumped from 6% to 12%.
One in three Australians (33%) now own cryptocurrency, with a growing number viewing digital assets as practical tools for transactions rather than purely speculative investments. The leading use case is online shopping, reported by 21% of respondents, followed by services like freelancing payments and video game purchases at 16%.
However, this surge in adoption is occurring against a backdrop of increasing friction with traditional banks. Nearly 30% of investors reported their bank had blocked or delayed a payment to a crypto exchange, a significant rise from 19.3% in 2025. Major institutions like Commonwealth Bank and National Australia Bank have implemented measures including payment delays, transfer caps, and extra identity checks for crypto-related transactions since 2023.
The survey indicates younger investors and those making smaller transactions face more interference, suggesting banks are refining their controls based on user behavior. "For many Australians, the lack of regulation hits home when a payment to a crypto exchange is delayed or blocked," the report stated, adding that "clear licensing and regulation can help fix this."
Independent Reserve CEO Adrian Przelozny noted that adoption continues to rise as Australians, particularly younger generations, look beyond short-term price movements. "Many Australians are looking beyond short-term price movements and have confidence that crypto will remain part of the financial system in the years ahead," he said.
Regulatory clarity remains a key issue. More than half of respondents said clearer exchange regulation would boost their confidence. While the Australian government has conducted token mapping exercises and consultations, formal legislation is still pending. A Senate committee is currently considering a bill that would require crypto exchanges to operate under the existing financial services framework.
Bitcoin remains the dominant asset among Australian holders, with 71% owning it, and 57% reporting profits from their crypto investments. Overall crypto awareness has reached 95% nationally, with the 25-34 age group being the most active (53% ownership).
