More Australians reported using cryptocurrencies to pay for goods and services in 2026 than the previous year, but banking friction continues to impact crypto users, according to a new report from an independent cryptocurrency exchange.

The annual survey of 2,000 “ordinary Australians” was conducted from 12 to 30 January.

It found that the share of Australians using cryptocurrencies to buy goods or pay for services doubled from 6% to 12%, with the report noting that “more Australians view cryptocurrencies as a practical means of payment rather than just a speculative bet.”

Of the participants who used cryptocurrencies for goods and services, 21% reported that they used cryptocurrencies to shop online, making it the leading real-world use case.

Another 16% said they used cryptocurrencies to pay for services such as freelancing and purchasing video games.

Although adoption of this technology is increasing, barriers remain, with some citing a lack of education and training and that the technology is too complex to use.

Banking issues are on the rise

Complexity aside, banking blocks have been highlighted as a major hurdle. A Binance survey last year found that users face banking barriers when transacting with exchanges and cryptocurrency companies — an issue noted by participants in the independent Reserve survey as well.

About 30% of investors said they experienced delays or denials when trying to buy cryptocurrencies or transfer funds to a cryptocurrency exchange at least once, compared to 19.3% in 2025.

Banking restrictions on cryptocurrency transactions in Australia were tightened around 2023, when major banks, including Commonwealth Bank and National Australia Bank, introduced measures such as payment delays, caps on transfers to cryptocurrency exchanges, and additional identity checks.

Younger investors reported more problems with transaction delays than their older counterparts, and those who made smaller transactions also reported greater interference.

“For many Australians, the lack of regulation hits home when payments to cryptocurrency exchanges are delayed or blocked, an issue that has continued to rise for another year,” the report authors said.

“These outages affect both consumers and businesses, showing how cautious banks are with cryptocurrencies when the rules are unclear.”

Clear licensing and regulation are the solution

The report said the findings suggest that banks have not softened their stance on cryptocurrencies and may be improving their approach by focusing on user behavior and transaction patterns rather than transaction volume, underscoring the growing need for regulatory clarity.

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They added: “Clear licensing and regulation can help solve this problem. By setting high standards for cryptocurrency operators, banks will have greater confidence in the legitimacy of transactions.”

“For Australia’s blockchain industry, which has faced banking hurdles for more than a decade, effective regulation can finally bridge the gap between exchanges and banks, giving investors and businesses greater certainty and reliability.”

Cryptocurrency executives told Cointelegraph last month that Australia’s cryptocurrency market is making progress on user growth and regulatory reforms, but there are still a range of issues to be resolved.

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