Australia's Cryptocurrency Payment Usage Doubles to 12%, But Bank Restrictions Escalate as Major Obstacle

Gate News reports that, on March 18, an independent reserve survey showed a significant increase in actual cryptocurrency payments in Australia by 2026, with the proportion of people using crypto assets to purchase goods and services rising from 6% last year to 12%. The report indicates that more users are beginning to see cryptocurrencies as a payment tool rather than just an investment asset.

In terms of specific use cases, about 21% of users use crypto for online shopping, making it the primary method; another 16% use cryptocurrencies to pay for freelance services and buy digital goods like games. This trend suggests that crypto payments are gradually penetrating everyday consumption scenarios.

However, despite user growth, barriers to use remain prominent. The survey shows that approximately 30% of investors experience bank delays or rejections when purchasing cryptocurrencies or transferring funds, up from 19.3% in 2025. This change reflects an increasing cautious attitude from banks toward crypto-related transactions.

Since 2023, several Australian banks have implemented restrictions, including delayed payments, transfer limits, and enhanced identity verification processes. Data indicates that younger investors and small transaction users are more likely to encounter transaction interruptions, which continue to impact user experience.

The report also mentions that, besides bank restrictions, technical complexity and insufficient user education are also limiting factors. Some users find crypto payment processes still not very intuitive, increasing the barriers to use.

Industry analysts believe the core issue lies in the unclear regulatory framework. The report points out that establishing clear licensing systems and compliance standards will help improve banks’ trust in crypto transactions, thereby reducing unnecessary restrictions. As the regulatory environment gradually improves, there is still room for further growth in the adoption and acceptance of crypto payments in Australia. (CoinTelegraph)