A new report from Australian crypto exchange Independent Reserve reveals a significant shift in how everyday Australians are engaging with digital assets, with usage for everyday payments doubling over the past year. However, this growing adoption is being tempered by persistent and escalating friction with the traditional banking sector.
Crypto Payments See Surge in Everyday Use
According to the exchange’s annual survey of 2,000 Australians, conducted in January 2026, the proportion of respondents using cryptocurrency to pay for goods and services rose sharply from 6% in 2025 to 12% in 2026. The report interprets this trend as a signal that “more Aussies are viewing crypto as a practical payment method rather than just a speculative bet.”
Among those who had used crypto for transactions, online shopping emerged as the dominant real-world application, with 21% citing it as their primary use case. A further 16% reported using crypto to pay for services, including freelancing fees and video game purchases.
Online shopping was the main use case for crypto among survey respondents. Source: Independent Reserve
Banking Hurdles Worsen for Crypto Users
Despite the positive adoption metrics, the report highlights a major and growing obstacle: interference from banks. The survey found that around 30% of investor respondents had experienced delays or outright rejections when attempting to buy cryptocurrency or transfer funds to a crypto exchange at least once. This marks a notable increase from the 19.3% who reported similar issues in the 2025 survey.
This banking friction is not new. Major Australian institutions, including Commonwealth Bank and National Australia Bank, began tightening restrictions around 2023, implementing measures such as payment delays, transfer caps to crypto exchanges, and enhanced identity checks. The 2026 data suggests these policies have not softened and may be becoming more sophisticated.
Interestingly, the report notes that younger investors and those making smaller transactions reported disproportionately higher instances of banking interference. This indicates that banks’ risk-mitigation strategies may be targeting specific user behaviors and patterns rather than solely transaction size.
Younger users reported higher instances of banking interference when trying to buy crypto. Source: Independent Reserve
“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’s authors stated. “These interruptions affect both consumers and businesses, showing how cautious banks are with crypto when the rules aren’t clear.”
The Path Forward: Regulation as a Solution
The Independent Reserve report posits that the banking sector’s cautious stance is a direct consequence of regulatory ambiguity. It argues that clear, consistent licensing and regulatory frameworks for the crypto industry would provide banks with the certainty they need to treat crypto transactions with less suspicion.
“Clear licensing and regulation can help fix this. By setting high standards for crypto operators, banks would have more confidence that transactions are legitimate,” the report recommends. “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.”
This perspective aligns with broader industry sentiment. Crypto executives have previously told Cointelegraph that while Australia’s market shows progress in user growth and regulatory reforms, unresolved banking access remains a critical hurdle to mainstream adoption.
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